The President on Jobs & Gas Prices

The Obama Energy Agenda & Gas Prices

President Obama's remarks on how we’re going to get gas prices under control: 

But if we can transition to new technologies, that's what’s going to make a difference over the long term.  That's how we’re going to meet the goal that I’ve set of reducing the amount of oil that we import by one-third by the middle of the next decade.  We can hit that target.  We can hit that target.

Now, in the short term, we still need to do everything we can to encourage safe and responsible oil production here at home.  In fact, last year, American oil production reached its highest level since 2003.  So I want everybody to remember that if people ask -- because sometimes I get letters from constituencies saying, why aren’t we just drilling more here?  We’re actually producing more oil here than ever.  But the challenge is we’ve only got about 2 to 3 percent of the world’s oil reserves and we use 25 percent of the world’s oil.  So we can’t just drill our way out of the problem. 

If we’re serious about meeting our energy challenge we’re going to have to do more than drill.  And that’s why the real solution is clean, homegrown energy.  The real solution is advanced biofuels -- and there’s a lot of good biofuel work being done here in Indiana.  It means that we’ve got to have natural gas vehicles.  We’ve got a lot of natural gas that can be produced here in the United States of America.  It means making our cars and trucks more energy-efficient, because if we use less oil, that reduces demand; that brings the price down; and you will see the impact at the pump.  That’s what’s going to make a difference and that’s why what you’re doing here is so important.