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Hello, everybody. In the State of the Union, I laid out three
areas we need to focus on if we’re going to build an economy that lasts: new American
manufacturing, new skills and education for American workers, and new sources of American-made
energy. These days, we’re getting another painful
reminder why developing new energy is so important to our future. Just like they did last year,
gas prices are starting to climb. Only this time, it’s happening earlier. And that
hurts everyone – everyone who owns a car; everyone who owns a business. It means you
have to stretch your paycheck even further. Some folks have no choice but to drive a long
way to work, and high gas prices are like a tax straight out of their paychecks.
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.
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.
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.
Now, we absolutely need safe, responsible oil production here in America. 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. And while there are no short-term silver bullets when it comes
to gas prices, I’ve directed my administration to look for every single area where we can
make an impact and help consumers in the months ahead, from permitting to delivery bottlenecks
to what’s going on in the oil markets. But over the long term, an all-of-the-above
energy strategy means we have to do more. It means we have to make some choices.
Here’s one example. Right now, four billion of your tax dollars subsidize the oil industry
every year. Four billion dollars. Imagine that. Maybe some of you are listening
to this in your car right now, pulling into a gas station to fill up. As you watch those
numbers rise, know that oil company profits have never been higher. Yet somehow, Congress
is still giving those same companies another four billion dollars of your money. That’s
outrageous. It’s inexcusable. And it has to stop.
A century of subsidies to the oil companies is long enough. It’s time to end taxpayer
giveaways to an industry that’s never been more profitable, and use that money to reduce
our deficit and double-down on a clean energy industry that’s never been more promising.
Because of the investments we’ve already made, the use of wind and solar energy in
this country has nearly doubled – and thousands of Americans have jobs because of it. And
because we put in place the toughest fuel economy standards in history, our cars will
average nearly 55 miles per gallon by the middle of the next decade – something that,
over time, will save the typical family more than $8,000 at the pump. Now Congress needs
to keep that momentum going by renewing the clean energy tax credits that will lead to
more jobs and less dependence on foreign oil. Look, we know there’s no silver bullet that
will bring down gas prices or reduce our dependence on foreign oil overnight. But what we can
do is get our priorities straight, and make a sustained, serious effort to tackle this
problem. That’s the commitment we need right now. And with your help, it’s a
commitment we can make. Thank you.