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U.S. President Barack Obama delivered an important speech on energy policy on Wednesday, outlining the need for the U.S. economy to cut its oil imports by a third over the next decade. How? Through new incentives to boost oil, natural gas and biofuel production, tougher fuel efficiency standards and, yes, greater reliance on nuclear energy.

"The United States of America cannot afford to bet our long-term prosperity and our long-term security on a resource that will eventually run out," he said.

If you thought that these rousing words would affect energy markets - say, sending crude oil prices crashing and nuclear-related stocks soaring - you thought wrong. Crude oil was down, but by all of 59 cents (U.S.) to $104.20 a barrel, and the decline was largely attributed to a rise in U.S. oil inventories.

Natural gas rose 2.4 per cent, but continues to trade at a very low level. Cameco Corp., the world's largest uranium producer which has recently been trading with shifting attitudes toward nuclear energy, was up just 0.5 per cent - and remains 34 per cent below its recent high.

Why the shrugs over Mr. Obama's speech? The Economist's Free Exchange blogger offers this explanation: "Nearly everything he proposed is old hash; American leaders have been dutifully acting out this bit of theatre since the Nixon administration." As well, investors likely believe that Mr. Obama will face stiff opposition from Congress in enacting any meaningful changes to the current policy.

Still, there were some isolated cases where investors leapt at the chance to profit from Mr. Obama's speech - particularly the part where he called for all government agencies by 2015 to purchase only hybrid vehicles or those that run on alternative fuels.

That line sent Vancouver-based Westport Innovations Inc. , a maker of natural gas engines, up 13.3 per cent. As well, Clean Energy Fuels Corp. , which builds natural gas filling stations, rose 9 per cent.

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