Transcript: Obama’s remarks on rising gas prices


Excerpt from White House press briefing held on March 6, 2012 – President Barack Obama on rising gas prices: 

“…Just from a political perspective, do you think the President of the United States going into reelection wants gas prices to go up higher?  Is that — is there anybody here who thinks that makes a lot of sense?

“Look, here’s the bottom line with respect to gas prices.  I want gas prices lower because they hurt families; because I meet folks every day who have to drive a long way to get to work and them filling up this gas tank gets more and more painful, and it’s a tax out of their pocketbooks, out of their paychecks, and a lot of folks are already operating on the margins right now.

“And it’s not good for the overall economy, because when gas prices go up, consumer spending oftentimes pulls back.  And we’re in the midst right now of a recovery that is starting to build up steam, and we don’t want to reverse it.

“What I have also said about gas prices is that there is no silver bullet and the only way we’re going to solve this problem over the medium and long term is with an all-of-the-above strategy that says we’re going to increase production — which has happened; we are going to make sure that we are conserving energy — that’s why we doubled fuel efficiency standards on cars, which will save consumers about $1.7 trillion and take about 12 billion barrels of oil offline, which will help to reduce prices — and we’re going develop clean energy technologies that allow us to continue to use less oil.

“And we’ve made progress.  I mean, the good news is, 2010, first time in a decade that our oil imports were actually below 50 percent, and they have kept on going down.  And we’re going to keep on looking at every strategy we can to, yes, reduce the amount of oil that we use, while maintaining our living standards and maintaining our productivity and maintaining our economic growth, and we’re going to do everything we can to make sure that consumers aren’t hurt by it.

“Now, there are some short-term steps that we’re looking at with respect to — for example, there are certain potential bottlenecks in refineries around the country that we’ve been concerned about.  We’re concerned about what’s happening in terms of production around the world.  It’s not just what’s happening in the Gulf.  You’ve had, for example, in Sudan, some oil that’s been taken offline that’s helping to restrict supply.

“So we’re going to look at a whole range of measures — including, by the way, making sure that my Attorney General is paying attention to potential speculation in the oil markets.  I’ve asked him to reconstitute a task force that’s examining that.

“But we go through this every year.  We’ve gone through this for 30 years.  And if we are going to be competitive, successful, and make sure families are protected over the long term, then we’ve got to make sure that we’ve got a set of options that reduce our overall dependence on oil.”

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One Comment on “Transcript: Obama’s remarks on rising gas prices

  1. Could it have something to do with Wall Street? I read that speculation might also have something to do with driving gas prices up.

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