President Obama addressed rising gas prices in a speech he gave Thursday to students of the University of Miami, criticizing his Big Oil opponents’ promises of immediate lower prices.
Likely alluding to Newt Gingrich’s recent promise to reveal a plan to lower gas prices to $2.50 a gallon, Obama predicted, “I'll save you the suspense: Step one is to drill, and step two is to drill. And then step three is to keep drilling."
If focusing solely on oil meant cheaper gas prices, we would be seeing falling prices by now. As Obama observed, “Anyone who tells you we can drill our way out of this problem doesn't know what they're talking about -- or just isn't telling you the truth.” In contrast, the President called for incorporating more clean, reliable energy sources into the U.S. energy portfolio –like solar, wind, and other renewable resources.
He also called for ending billions of dollars in subsidies for oil companies.
"These are the same oil companies that have been making record profits off the money you spend at the pump for several years," Obama said. "How do they deserve another $4 billion in subsidies from taxpayers? It's outrageous. It's inexcusable."
Obama later pointed to his new fuel efficiency standards on new vehicles as an environment- and wallet-friendly measure, saying that in the middle of the next decade, “you'll be able to fill up your car every two weeks instead of every week -- something that, over time, will save the typical family more than $8,000 at the pump.”