Obama Takes Pride in Auto Industry Resurgence

More fuel-efficient cars help America become less dependent on foreign oil.
4:05 | 03/03/12

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Transcript for Obama Takes Pride in Auto Industry Resurgence
Hello everybody. Earlier this week I spent some time will be hard working men and women of the American auto industry were busy writing a new chapter in America's story. Just a few years ago there industry was shedding hundreds of thousands of jobs. To the Big -- GM and Chrysler were on the brink of failure. If we -- let this great American industry collapse if we let Detroit go bankrupt. More than one million Americans were lost their jobs in the middle of the worst recession since the Great Depression. -- refused to let that happen. These jobs are worth more than just picture -- source of pride and a ticket to the middle class. These companies are worth more than just the cars -- -- -- a symbol of American innovation. And a source or manufacturing might. So in exchange for help we demanded responsibility. We got companies retool and restructure. -- sacrifice. And three years later the American auto industry is back today GM as the number one auto maker in the world. Chrysler's -- -- American in the other car companies. Ford is investing billions in American plants and factories and plants to bring thousands of jobs back home. All told the entire industry is -- more than 200000. New jobs over the past two and a half years. And they're not just building cars in their building better cars. Thanks to new fuel efficiency standards we put in place they're building cars averaged nearly 55 miles per gallon by the middle the next decade. That's almost double what they get today. That means folks will be able to fill up every two weeks -- that every week saving the typical -- when more than 8000 dollars at the pump over time. That's big deal especially as families target again feeling the pinch from rising gas costs so what's happening in Detroit will make a difference. But won't solve every. There's no silver bullet for boarding spikes in gas prices every year there's no short -- to taking control of our energy future. We have to pursue all of the above strategy helps develop every source American energy and we have to do it now. The good news is we've been making -- -- take a look at this -- Six years ago 60% of the -- we used was important. Since I took office America's dependence on foreign oil has decreased every single year. In fact in 2010 for the first time in thirteen years less than half the patrolling we consumed was important. Part of that's because we're producing more oil here at home than any other time in the last eight years. But we can't just grow our way out of this problem. While we consume 20% of the world's oil we only have 2% of the world's oil reserves. We've got develop new technologies that will help us use new forms -- better. It's been a priority of mine -- present. And because the investments we made. -- use of clean renewable energy has nearly doubled. And thousands of Americans have jobs because. Now we need keep that -- to do that we need to make the right choices. Here is one choice we can make right now. Every year four billion of your tax dollars goes to subsidizing the oil industry. These are the same companies making record profits tens of billions dollars a year. I don't think oil companies need more corporate welfare. Publisher and this taxpayer -- If you agree with I'm asking you -- email call or -- or represented. Tell them to stop fighting for oil companies and tell them to start fighting for working -- Tell them to fight for the clean energy future that is within our reach. Because the sooner we all -- start the sooner we'll get -- together. Things have a great week.

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

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