The Freedom Prize Foundation also announced the primary categories for the awards, and introduced its Advisory Council, a top-notch group of energy, environmental, and public sector experts that will help guide the development of the Freedom Prize.

Joining the Freedom Prize Foundation and the DOE for the announcement on Capitol Hill are U.S. Senator Jeff Bingaman (D-New Mexico), Chair of the Energy and Natural Resources Committee, Senator Pete Domenici (R-New Mexico), ranking member of the committee, and Assistant Secretary Andy Karsner (DOE Energy Efficiency and Renewable Energy).

The Freedom Prize was established by the Energy Policy Act of 2005 which authorized the DOE to support the Freedom Prizes.

"Our reliance on oil poses a significant risk to our nation's security, economy and health," said Freedom Prize Chairman and co-founder Jack Hidary.

"It doesn't have to be this way. The Freedom Prize will spur the deployment of existing technologies and policies that reduce our dependency on oil. We applaud the work of U.S. Senators Bingaman and Pete Domenici, Assistant Secretary Andy Karsner and the many others that make the Freedom Prize a reality."

"Our dependence on foreign oil is a serious problem that poses significant national security, environmental, and economic risks and only through innovation and technological advancements will we solve this problem," Department of Energy Assistant Secretary of Energy Efficiency and Renewable Energy Andy Karsner said.

"We want to act as a catalyst to spur the private sector's ability to incentivize innovative solutions and this is just what the Freedom Prize will do -- introduce significant, disruptive and durable ways to address our addiction to oil and confront the serious challenge of global climate change."

The Freedom Prizes of $500,000 - $1 million will be awarded for innovative deployment of existing technologies in five broad categories which include industry, military, schools, government and community.

Final guidelines and application for the Freedom Prizes will be developed in consultation with the Freedom Prize Foundation Advisory Board and the Freedom Prize Advisory Council and are expected to be released in the Fall of 2008.

"Breaking America's reliance on oil requires groundbreaking scientific advancement combined with out-of-the box thinking," said Senator Jeff Bingaman, Chairman of the Senate Energy and Natural Resources Committee.

"The Freedom Prize represents a terrific new way to reward the best ideas and strategies from across our great nation to solve our energy and environmental challenges and I am proud to have supported this important effort in the United States Senate."

Facts about America's oil use:

- The U.S. remains by far the world's largest oil consumer and has declining domestic production as we import more than 60% of our oil and consume 21+ million barrels of oil every day.

- The U.S. borrows over $4 billion per week to finance our consumption of oil, and oil imports account for one-quarter of America's trade deficit.

- The U.S. accounts for 25% of world oil consumption yet holds just under 4% of world oil reserves.

- More than 66% of U.S. oil consumption is used for transportation, and transportation emissions are a primary source of particulate matter and pollution in major cities. In fact, the U.S. Centers for Disease Control blames particulate matter from transportation for $38 - $47 billion in health problems annually.

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