Obama on Energy: U.S. is Saudi Arabia of Gas

President also repeats call for millionaires pay higher taxes.
3:00 | 01/26/12

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Transcript for Obama on Energy: U.S. is Saudi Arabia of Gas
The experts believe it could support more than 600000. Jobs by the end of the decade we it turns out. Are the Saudi Arabia of natural gas. We've got a lot of it. We've got a lot of it. Now removing that natural gas. Obviously has to be done carefully and I know that their families that are worried about the impact this could have on our environment. On the health of our communities and I share that concern. So that's why I'm requiring for the first time ever that all companies drilling for gas on public lands. Disclose the chemicals they use we want to make sure that this is done properly and safely. America will develop this resource without putting the health and safety of our citizens at risk but we gotta keep that. We've got to take advantage of this incredible. Natural resource. And think about what could happen if we do. Think about an America where more cars and trucks. -- running on domestic natural gas. -- on foreign oil. Think about. An America where our companies are leading the world in developing natural gas technology. And create. A generation of new energy jobs. We're natural gas resources are helping make our manufacturers. More competitive. For decades. We can do this. And by the way natural gas burns cleaner. And all of us so it's also. Potentially good for our environment. As we make this shift. We're gonna reduce our deficit then we've got to have -- balanced approach. That has spending cuts and we party agreed to two trillion dollar -- -- spending cuts we gotta get rid of programs don't work we've got to make government more efficient. I have asked congress for authority to consolidate. Some of these agencies to make them run better. We're gonna have to vote. Be much more of effective. When it comes to government spending we don't acknowledge that it were making progress on that front but -- alone doesn't know -- But we're -- -- actually deal with the deficit. We've got to look at the other side of the ledger. Do we want to keep these tax cuts for the wealthiest Americans or -- we want to keep investing and everything else like education. Like clean energy. Like a strong military. Like caring for our veterans who are coming home from Iraq and Afghanistan. We can't do boat. We can't do vote. I've said it let's follow the Buffett -- if you make more than a million dollars a year. Today a tax rate of at least 30%. Which by the way lower than you would have been banned under Ronald Reagan nobody is talking about. If anything crazy here. On the other hand if you make less than 250000. Dollars a year which 98% of all Americans do. Your taxes shouldn't go up. I think that the prepared approach. And a lot of folks have been running around like well that's class warfare. Asking a billionaire pay at least as much as sector in taxes. Just common sense. And I promise you if we make this change Warren Buffett or we don't mind. I will be doing fine. Scott -- they don't find. We don't need more tax breaks. You're the ones -- -- way. God and your income -- While because everything from groceries to college. Doctor been going up here -- the ones who deserve. A break. And. And I want to make one last point. We do not begrudge success in America we aspire to what we want everybody to succeed.

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

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