GOP presumptive presidential nominee Mitt Romney said he wants the United States to be energy independent by the year 2020.
The former Massachusetts governor is unveiling a new energy plan Thursday aimed at creating more than 3 million new jobs.
His proposals include opening up more federal areas for drilling, including offshore drilling.
Romney's economic plan comes after the non-partisan Congressional Budget Office issued a new warning of a possible recession.
The CBO said Washington must act to prevent the Bush-era tax cuts from expiring and automatic spending cuts from taking effect. Otherwise, the United States could find itself plunging off a "fiscal cliff."
"The sooner that that uncertainty is resolved, the stronger the economy would be in the second half of this year," The Hill quoted CBO Director Doug Elmendorf.
"Economic growth right now is being held back by the anticipation of this fiscal tightening," he said.