Obama: Promise in Innovation Lies in U.S. Energy

President details plan to put U.S. on a path towards energy independence.
0:47 | 01/24/12

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Transcript for Obama: Promise in Innovation Lies in U.S. Energy
Seeing an economy built to last as one where we encourage the talent and ingenuity of every person in this country. That means women should -- equal pay for it won't work. It means we should support everyone. Who's willing to work. And every risk taker an entrepreneur or who aspires to become the next Steve Jobs. After all innovation is what America has always been about. Most new jobs are created in startups and small business. So let's pass an agenda that helps them succeed. Teradata regulations -- prevent aspiring author of the north from getting the financing to grow and expand. -- raising wages and creating good jobs. Both parties agree on these ideas. So put the -- bill. And get it on my desk this year. Innovation also demands basically search. Today the discovery is taking place and are federally financed labs and universities. Could -- -- new treatments that kill cancer cells but leave healthy ones untouched. New lightweight vests for cops and soldiers we can stop any -- Don't gut these investments in our budgets. Don't let other countries win the race for the future. Support the same kind of -- search and innovation that led to the computer chip -- the Internet. To new American jobs and no American industries. And nowhere. Is the promise of innovation greater men in American made energy. Over the last three years. We've open millions of new lakers for oil and gas exploration. And tonight I'm directing my administration opened more than 75%. Of our potential offshore oil and gas resources. Right now. American oil production is the highest that it's been in eight years. That's right eight years. Not only that last year we relied less on corn oil. Then in any of the past sixteen years. -- only 2% of the world's oil reserves. Oil isn't enough. This country needs an all out all of the above strategy the develops every -- The -- It's cleaner. Cheaper. And full of new jobs. We have a supply of natural gas -- can last America nearly. 100 years. We'll take every possible action to safely develop the seven. Experts believe this will support more than 600000. Jobs by the end of the Beckett. And -- require all companies that drill for gas on public lands to disclose the chemicals they use eight. And America will develop this resource. Without putting the health and safety of our citizens at risk. The development of natural gas will create jobs and power trucks and factories that are cleaner and cheaper. Proving that we don't have to choose between our environment and our economy. And by the way. It was no public research dollars. Over the course of thirty years. That helped develop the technologies to extract all this natural gas out of shale rock. Reminding us that government support is critical in helping businesses get new energy ideas off the ground. Now. What's true -- natural gas. There's just as true for clean energy. In three years our partnership with the private sector has already position America to be the world's leading manufacturer. Of high tech bets. Because of federal investments. -- -- energy use has nearly doubled. And thousands of Americans have jobs because of it. When Brian Ritter -- was laid off from his job making furniture. He said he worried that a 55 no -- would give him a second chance. We found work. Energetics. The wind turbine manufacturer -- mission. Before the recession the factory only made -- luxury yachts. Today it's hiring workers like Bryan who said I'm proud to be working. In the industry of the future. Our experience. With shale gas -- experience when natural gas. Shows us that the -- on -- public investments. Don't always come right away. Some technologies don't pan out. Some companies fair. But I will not walk away from the promise of clean and -- will not seeded. The wind or solar or battery industry to China or Germany -- because. We refuse to make the same commitment here. We subsidize oil companies first century. That's long enough it's time and it scared -- away.

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

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