WASHINGTON, DC— In his weekly address, President Obama spoke to the American people from a factory in Petersburg, Virginia about the growing trend of companies creating more jobs in the United States, and also making better products than ever before. The new technologies they are developing are playing an important role in reducing our dependence on foreign oil and saving families money at the pump. Under the Obama Administration, domestic oil and gas production is up, and we are currently producing more oil at home than any time in the last eight years, but with only 2% of the world’s oil reserves, we can’t just drill our way to lower gas prices. We need an all-of-the-above strategy that focuses on American-made energy, as well as increasing the fuel efficiency of the cars we drive, saving families money and dramatically reducing our reliance on foreign oil. The President also called on Congress to end the $4 billion in subsidies to oil companies each year so that we can invest in clean energy technologies. There is no silver bullet to solve high gas prices, but together we can work to overcome our energy challenges as we create new American jobs.
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