Transcript for Obama: 'No Quick Fixes to This Crisis'
Hi everybody. In the state of the union I laid out three areas we need to focus 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 -- -- These days we're getting another painful reminder why developing new energy is so important -- our future. It's like they did last year gas prices started to -- Only this time it's happening earlier and that hurts every. Everybody who owns a car everybody who owns a business. It means you have to -- your paycheck even for. 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 projects. Now some politicians. Always see this as a political opportunity. And since it's an election year started dusting off their same three point planned for two dollar -- I'll -- -- the suspect's. Step one according of them is for step two is for. And step three is to keep -- We hear the same thing every year we've heard the same thing for thirty years. Well the American people aren't stupid. You know that's not plan especially -- -- -- -- It's a bumper -- 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 -- or weight or gas prices. If we're gonna take control of our energy future and avoid these -- -- spikes down the line. And we need a sustain all of the above strategy -- develops every available source American -- Oil gas. -- -- solar nuclear biofuels and more. We need to keep developing the technology that allows us to use less oil on our cars and trucks -- buildings and plants. That's the strategy worked for sort and that's the only real solution to Christian. Now we absolutely need safe responsible oil production here in America. And that's why under my administration America's 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 -- 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. For permanent. To delivery bottlenecks. To what's going on in the oil markets. But over the long term and 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 for billions of -- -- tax dollars subsidize the oil industry every year. Four billion dollars. Imagine that maybe something you're listening to this in your car right now pulling into a gas station to fill. 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. It's outrageous. And it has to stop. A century of subsidies to oil companies is long enough. It's time and 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 promise. 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 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 the next decade. Something that over time we'll save the typical family more than 8000 dollars 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 oral over night. 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 with your help its commitment we can make. --
This transcript has been automatically generated and may not be 100% accurate.