Earlier today, President Obama held a press conference to address several developing situations around the world, and here at home. He discussed a range of issues, including the tragedy in Japan, the escalating situation in the Middle East, America’s ongoing budget debate, and volatile gas prices.
The President devoted a lot of attention to that last issue as the rising cost of fuel is on the minds of families across the country.
For decades, energy costs in the United States have spiraled upward due to events in oil-rich countries with unstable governments and the unpredictable shifts in the global economy, and those added costs have become a greater burden to families struggling to make ends meet. Today, the President reminded us that this phenomenon is nothing new and that claims that the administration is choking off domestic oil production are politically motivated and patently false:
Last year, American oil production reached its highest level since 2003. Let me repeat that. Our oil production reached its highest level in seven years. Oil production from federal waters in the Gulf of Mexico reached an all-time high. For the first time in more than a decade, imports accounted for less than half of what we consumed.
So any notion that my administration has shut down oil production might make for a good political sound bite, but it doesn’t match up with reality. We are encouraging offshore exploration and production. We’re just doing it responsibly. I don’t think anybody has forgotten that we’re only a few months removed from the worst oil spill in our history. So what we’ve done is to put in place common-sense standards like proving that companies can actually contain an underwater spill. And oil companies are stepping up -- we’ve approved more than 35 new offshore drilling permits that meet these new safety and environmental standards.
The President also affirmed that America’s economy is prepared to manage fluctuations in oil prices. He is working with other countries increasing oil production to avoid a global shortage and Attorney General Eric Holder to prevent price gouging or manipulation.
But the only sustainable long-term solution is to transition our country away from oil:
We can’t place our long-term bets on a finite resource that we only control 2 percent of -– especially a resource that’s vulnerable to hurricanes, war, and political turmoil.
For that reason, the Obama administration has made historic investments in clean-energy technology, moving America closer toward energy independence:
[L]ast year we established a groundbreaking national fuel efficiency standard for cars and trucks. It’s going to save consumers money while conserving about 1.8 billion barrels of oil. And we’re working with automakers, autoworkers, and states to ensure that the high-quality, fuel-efficient cars and trucks of tomorrow continue to be built right here in the United States of America.
To satisfy our broader energy needs, we’re working to diversify our entire portfolio with historic investments in clean energy. Right now, all across America, our farmers are producing homegrown fuels, our scientists are looking for the next breakthroughs, and our workers are back in once shuttered factories, manufacturing wind turbines and solar panels and advanced batteries that will help our cars get hundreds of miles to the gallon. These are jobs that didn’t exist two years ago, and we want to create millions more of these jobs.
You can read the White House fact sheet to learn more about the administration’s energy plan for the country.