Bill Gates predicts more crises like oil spill without energy innovation

Bill Gates said this weekend that without more money invested in clean energy, "we'll have more crises like the oil spill."

Gates, the co-founder of Microsoft, called on the United States to invest $16 billion each year on energy innovation. Gates made his comments in an appearance taped for ABC's "This Week," which airs on Sunday.

"The costs will go up because you're looking for oil in harder and harder places... So you'll just be paying more and more. And so it's an implicit tax. If you don't innovate, it's this gigantic cost that we'll be paying," Gates said, according to a summary of the interview posted online Saturday.