U.S. Treasury Secretary Henry Paulson said on Tuesday the United States will fix through a comprehensive approach to ensure energy security.

In his first major speech since taking office last month, Paulson said at New York's Columbia University energy security has posed a serious long-term structural challenge to the United States.

"Today this is top of mind for many Americans because they are paying about three dollars per gallon at the gas pump -- a cost that generates real hardship for all those who are trying to make ends meet," he said.

"The global demand for oil is outstripping supply and we as a nation have a long-term structural problem: We consume much more oil than we produce; we are too dependent on foreign sources of oil; and too much of it comes from troubled parts of the world," he said.

He noted that the Bush administration need to do more on the supply side, and need to do more to conserve energy as well.

"In addition, we need to do much more in terms of investing in new technologies and further developing alternative sources of energy, including nuclear power and ethanol." he said.

"we need to encourage market-based solutions. Moreover, an energy policy that takes us toward greater energy security should also lead to cleaner air and cleaner water," he added.

World oil prices hovered around 75 dollars a barrel for a number of days. Hours before Paulson's speech, New York's main contract, light sweet crude for delivery in September, surged one dollar to 75.40 dollars per barrel in pit trading on Tuesday, after striking 75.45 dollars -- the highest level since July 18.

Source: Xinhua