Obama's Weekly Address - Investing in Clean Energy

VIDEO: The president talks about manufacturing and combating the rise in gas prices.

President Obama is calling for Congress to end $4 billion in subsidies to oil and gas companies, and invest in clean energy instead, arguing that decreasing the nation's dependence on oil will ease the pain at the pump.

"We've been handing out these kinds of taxpayer giveaways for nearly a century. And outside Congress, does anyone really think that's still a good idea?" the president asked in his weekly address.

"We should be investing in the technology that's building the cars and trucks and jets that will prevent us from dealing with these high gas prices year after year after year," he said.

As rising gas prices become a key issue on the campaign trail, the president continued to defend his "all-of-the-above" energy strategy against Republican attacks.

"As usual, politicians have been rolling out their three-point plans for $2 gas: drill, drill and drill some more. Well, my response is, we have been drilling," the president said. "Under my Administration, oil production in America is at an eight-year high."

Obama, speaking from a manufacturing facility in Petersburg, Va., that he visited Friday, vowed to "keep doing everything I can to help you save money on gas, both right now and in the future."

"I hope politicians from both sides of the aisle join me. Let's put aside the bumper-sticker slogans, remember why we're here, and get things done for the American people," he concluded.

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