Obama: 'We Can't Drill to Lower Gas Prices'

The president talks about manufacturing and combating the rise in gas prices.
4:42 | 03/10/12

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Transcript for Obama: 'We Can't Drill to Lower Gas Prices'
-- everybody. I'm speaking here this week from a factory in Petersburg -- Where they're bringing on more than hundred new workers to build parts for the next generation of jet engines. It's -- story that's happening more frequently across our country. Our business is just added 233000. Jobs last month for a total of nearly four million new jobs over the last two years. More companies are choosing to bring jobs back at best in America. Manufacturers adding jobs for the first time since the 1990s. And we're building more things to sell the rest of the world stamped with three proud -- Made in -- -- It's not just -- we're building stuff. We're building better stuff. Engine -- -- factor here Petersburg will go into the next generation planes that are lighter faster and more fuel efficient. That last part is important. Because whether you're paying for plane ticket are filling up your gas tank. Technology that helps us get more miles to the gallon is -- -- easiest ways to save money and reduce our dependence on war. The recent spike in gas prices has been another painful reminder of why we have to invest in this technology. As usual politicians have been rolling out their three point plans for two dollar gas drill drill and -- also more. Well my responses we have been -- Under my administration oil production in America is at an eight year high. We've quadrupled the number of operating -- -- and open up millions of acres for growing. What you and I both know. It would only 2% of the world's oil reserves we can't just drill our way -- or gas prices. Now what we consume 20% of the world's oil. We need an all of the above strategy that relies less on foreign oil and war on American made energy. Solar. Wind. Natural gas biofuels. And more. That's the strategy -- personal. That's why went to a plant in North Carolina earlier this week where they're making trucks that run on natural gas and hybrid trucks that go further signal tech. And that's why I've been focused on fuel efficient cars since I took office. Over the last few years the annual number of miles driven by Americans have stayed roughly the same but the total amount -- gas we use has been going down. In other words we're getting more bang for -- If we accelerate that's where we can help driver saved a significant amount of money. That's why after thirty years of an action -- finally put in place new standards will make sure our cars averaged nearly 55 miles per gallon. By the middle the next decade. Nearly double what they get today. As wasn't he's had to bring together auto companies and unions and folks who don't ordinarily I'd -- but it was worth it. Because these cars are some pie in the sky solution that's years away. They're being built right now -- American workers in factories right here in the US. Every year our cars and trucks will be able to go further and use less fuel. And pretty soon you'll be able to fill up every two weeks instead of every week. Something that over time will save the typical scrambling more than 8000 dollars at the -- Will reduce our oil consumption by more than twelve billion barrels. That is a future work the best. So we have a choice. Right now some folks -- Washington would rather spend another four billion dollars on subsidies to all companies each year. Well you know what we've been handing out these kinds of taxpayer giveaways for nearly central. And outside of congress does anyone really think that's still a good idea. I want this congress to stop the giveaways to oil industry that's never been more profitable. And invest it and clean energy industry that's never been more promise. We should be investing in the technology -- building the cars and trucks and jets -- -- prevent us from dealing with these high gas prices. Year after year after year. Ending the cycle of rising gas prices won't -- And it won't happen over night. That's why you sent us to Washington. To solve tough problems like this. -- 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 -- I'll join me. Let's put aside the bumper stickers -- and remember why we're here and get things done for the American. Thank you god bless you have a great week.

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

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