President Obama’s Weekly Address 2/25/2012 No Silver Bullet For High Gas Prices

President Obama addresses the rising gas prices in this weeks Weekly Address. According to the White House, “President Obama talks about how important it is to embrace an all-of-the-above approach to addressing our nation’s energy challenges.” He takes a shot at Newt Gingrich’s $2.50 a gallon proposal calling it a “bumper sticker.” “Now, some politicians always see this as a political opportunity. And since it’s an election year, they’re already dusting off their three-point plans for $2 gas. I’ll save you the suspense: Step one is drill, step two is drill, and step three is keep drilling. We hear the same thing every year,” President Obama says. “Well the American people aren’t stupid. You know that’s not a plan – especially since we’re already drilling. It’s a bumper sticker. It’s not a strategy to solve our energy challenge. It’s a strategy to get politicians through an election.” He says there is no quick fix even thought the price of gas is set by speculators who would change overnight is we opened up oil in the gulf and approved the Keystone pipeline. The President says, “you know there are no quick fixes to this problem, and you know we can’t just drill our way to lower gas prices. If we’re going to take control of our energy future and avoid these gas price spikes down the line, then we need a sustained, all-of-the-above strategy that develops every available source of American energy – oil, gas, wind, solar, nuclear, biofuels, and more. We need to keep developing the technology that allows us to use less oil in our cars and trucks; in our buildings and plants. That’s the strategy we’re pursuing, and that’s the only real solution to this challenge.” So drilling isn’t the answer but President Obama has no problem taking credit for all the new drilling going on brought on by the previous administration. “That’s why under my Administration, America is producing more oil today than at any time in the last eight years. In 2010, our dependence on foreign oil was under 50% for the first time in more than a decade.” The left usually complains drilling isn’t the answer because it takes four or five years from start to production of oil. So how can the increased production the past few years have anything to do with this administration?

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