Obama Wants to Change US Energy Policy

The president plans to lead an effort to end oil and gas subsidies.
5:18 | 03/17/12

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Transcript for Obama Wants to Change US Energy Policy
Hi everybody. As I know you've noticed over the past few weeks the price at your local pump has been going up and up. And because it's an election year so as the temperature of our political rhetoric. What matters most to me right now is the impact that rising prices had on you. When you've got to spend more guess you've got less to spend on everything else that makes six heart. So -- want to take a minute this weekend to explain what steps my administration is taking -- comes to -- Most importantly producing more about while using less. The truth is the price a guest -- -- a lot of factors that are often beyond our control. Unrest in the Middle East could tighten global oil supplies. Growing nations like China or India and in cars to the wrote increases demand. But one thing we should control. His fraud and manipulation that could cause prices to spike even for for years triggers financial firms were able to gain energy markets distort the price support. And make big profits for themselves at your expense. There were able to do all that because major gaps and loopholes in the regulations. When I took office we did something about. The Wall Street reforms -- sign in the law are helping bring energy markets out of the shadows and under real oversight. -- strengthening our ability to go after -- and to prevent traders from manipulating the market. So it's not just call the dangerous. But some in congress want to roll back those protections and returned to the days when companies like Enron could avoid regulation and reap enormous profits. No matter who would hurt what's more at a time when big oil companies are making more money than ever before. We're still giving them four billion of your tax dollars and subsidies ever year. Your member of congress should be fighting for you. -- for big financial firms. Opt for big or counties in the next few weeks expect congress to vote on ending these substances. When they do we're gonna put every single member of congress on record. They can either stand up for the oil companies or they can stand up for the American people. -- can either place their bets on fossil fuel from the last century -- they can place their bets on America's future. So make your voice heard. Saying to represented to -- -- -- Tell them to stand with you. And tell them to be honest with. It's easy to promise -- quick fix when it comes to gas prices. There just isn't one. Anyone who tells you otherwise. Any career politician promises some three point plan for two dollar yes they're not looking for a solution. They're just looking for your vote. If we're truly going to make sure we're not at the mercy of spikes in gas prices every year the answer isn't just gonna be -- because we're already drilling. Under my administration -- producing more oil here at home than at any time in the last eight years that's backed. We quadrupled the number of operating oil rigs to a record high. That's a fact. And we opened millions of acres of land. And offshore. To develop more or domestic resources. Those are the facts. We can't just rely on drilling. Not what we use more than 20% of the world's oil but still we have 2% of the world's known oil reserves. If we don't -- other sources of energy. And the technology use less energy. Will continue to be dependent on foreign countries for our energy -- That's why we're pursuing an all of the above strip. As we developed more organs. Were also developing wind and solar power. Biofuels. And next generation vehicles. And thousands of Americans have jobs right now because. We need to keep making those aspects. As I don't want to see those jobs go to other countries. Or create even more them right here in the United States of America. After three decades of inaction we raise fuel economy standards so that by the middle the next decade are horrible averaged nearly 55 miles per -- That's nearly double what they get today. That means you only have to fill up every two weeks instead every week. And that will save the typical family more than 8000 dollars -- -- car just by using -- gas. Combined these steps have helped put us on -- path to greater energy independence. Since I took office America's dependence on foreign -- has gone down every single year. In 2010 for the first time in thirteen years less than half -- we used came from foreign countries. But we can do even better. And we will. What we can't do is keep depending on other countries for energy -- In America we control our own best. And that's the choice we face. The past where the future. America. Is what it is today because we always place our bets on the future. Things have a great week.

This transcript has been automatically generated and may not be 100% accurate.

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