English subtitles for clip: File:President Obama Speaks on Domestic Energy Production.webm

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The President:
Hello, New Mexico!

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(applause)

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Well, thank you so
much for being here.

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Everybody have a seat.

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I know it's a little
windy out here,

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but you guys are used to it.

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It is wonderful to be
back in New Mexico.

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I want to acknowledge a couple
of folks who are here -- well,

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first, mainly I want to thank
Concho Resources and the

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Southwest New Mexico
ConocoPhillips team

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for helping to set this up.

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(applause)

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Thank you. Good job, everybody.

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(applause)

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It was a wonderful
trip over here.

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We took the helicopter.

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We had landed in Roswell.

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I announced to people when I
landed that I had come in peace.

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(laughter)

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Let me tell you, there are more
9- and 10-year-old boys around

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the country -- when I
meet them, they ask me,

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"Have you been to Roswell, and
is it true what they say?"

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(laughter)

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And I tell them, "If I told
you I'd have to kill you."

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So -- and their
eyes get all big.

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(laughter)

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So we're going to
keep our secrets here.

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I'm here to talk about
what we're calling an

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all-of-the-above energy strategy
-- a strategy that relies on

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producing more oil and
gas here in America,

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but also producing more
biofuels in America,

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more fuel-efficient
cars in America,

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more wind power in America, and
more solar power in America.

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I believe this all-of-the-above
approach is the only way we can

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continue to reduce our
dependence on foreign oil,

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and ultimately put an end to
some of these gas spikes that

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we're going through right now
and that obviously hurt a lot of

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families all across the country.

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Now, you wouldn't know it from
listening to some of these folks

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who are running for office --
I won't mention their names,

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you know who they are -- but
producing more oil here in

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our own country has been,
and will continue to be,

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a key part of my
energy strategy.

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Under my administration, America
is producing more oil today than

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at any time in the
last eight years.

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That's a fact. That is a fact.

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(applause)

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We've approved dozens of
new oil and gas pipelines,

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and we've announced our support
for more -- including one that

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I'm going to be visiting
tomorrow in Oklahoma.

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And we've quadrupled the
number of operating oil

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rigs to a record high.

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More than 70 of those rigs
are right here in this area.

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And I had a chance to
see them all, I think,

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as I was flying over here.

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(laughter)

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In fact, business is so good
that today the biggest problem

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is finding enough qualified
truck drivers to move all the

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oil that's coming out of these
wells down to the refinery.

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Too much oil -- that's
a good problem to have.

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Now, this is public land that's
been leased to the oil companies

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by the federal government.

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And over the last three years,
I've directed my administration

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to open up millions of acres
just like this for oil and gas

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exploration in 23
different states.

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Let me repeat that -- millions
of acres in 23 different states.

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That's just onshore.

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Offshore, I've directed my
administration to open up more

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than 75% of our
potential oil resources.

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And that includes an area in the
Gulf of Mexico that we opened up

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a few months ago that could
produce more than 400 million

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barrels of oil -- about 38
million acres in the Gulf.

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And I want to thank my Secretary
of the Interior, Ken Salazar,

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who is here, because he
helped make it happen.

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Where did Ken go?

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He's right over here.

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(applause)

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Now, I make this point so that
if you hear anybody on TV saying

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that somehow we're somehow
against drilling for oil then

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you'll know that they either
don't know what they're talking

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about or they're not
telling you the truth.

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We're drilling all
over the place.

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That's one of the reasons
we've been able to reduce our

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dependence on foreign oil every
year since I took office.

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In 2010, it was under 50% for
the first time in 13 years.

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And you have my word that we
will keep drilling everywhere

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we can -- and we'll do it while
protecting the health and safety

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of the American people.

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That's a commitment
that I'm making.

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(applause)

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Now, there's no contradiction to
say that we're going to keep on

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producing American
oil and American gas,

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and also saying drilling
can't be the only part of

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our energy strategy.

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A recent independent
analysis showed that

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over the last 36 years, there
has been no connection between

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the amount of oil that we
drill in this country and

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the price of gasoline.

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There's no connection.

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And the reason is that we've
got a worldwide oil market.

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And so even if we produce more,
the fact of the matter is we use

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20% of the world's oil.

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And even if drilled But even if
we drilled every square inch of

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this country, we'd still only
have 2 or 3 or 4% of the

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world's known oil reserves.

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So what ends up happening is
the price is impacted not just

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by us, but by everybody,
in the amount of oil

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that's used worldwide.

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And that means if we don't
develop new sources of energy

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along with oil and gas, and if
we don't develop technologies to

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use less energy for the
same amount of output,

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we're always going to
depend on other countries

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for our energy needs.

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If we do nothing, every time
there's instability in the

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Middle East, we will feel it at
the pump even if we're drilling

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nonstop here in New Mexico
and across the country.

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If we only drill for our 2%
of the world's oil reserves,

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the price of gas
will continue to rise.

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Part of the reason is
because China and India,

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they're growing.

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China added 10 million cars in
2010 -- 10 million cars just in

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this one country.

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And they're just going
to keep on going,

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which means they're going
to use more and more oil.

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That's not a future
I want for America.

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In this country, we
control our own destiny.

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We control our own resources.

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We control our own economy.

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We chart our own course.

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I don't want to be subject
to the whim of somebody

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somewhere else.

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And that's why we need
an all-of-the-above

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energy strategy.

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(applause)

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So we're going to develop
every possible source of

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American-made energy.

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Oil and gas, wind power,
solar power, biofuels,

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fuel-efficient cars and trucks
that get more miles to the

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gallon -- that's our future.

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And the good news is we're
already seeing progress.

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I just came from
Boulder City, Nevada,

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which is home to the nation's
largest solar plant -- a plant

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that was built by hundreds of
American workers and that's now

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powering tens of
thousands of homes.

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I've been visiting universities
and factories where American

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workers are building cars that
get more miles per gallon

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because after 30 years
of not doing anything,

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we put in place some of the
toughest fuel economy standards

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in our history.

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And now, by the middle
of the next decade,

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our cars will average
nearly 55 miles per gallon,

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which is going to save the
average family about $8,000

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during the life of that car.

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I know you can use $8,000.

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(applause)

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Absolutely.

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(laughter)

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I don't know anybody who can't.

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(applause)

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We've got to continue
down this path.

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And that means we've got to
make some important choices

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for our future.

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The oil companies that are
drilling here in New Mexico

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and all over the country are
making record profits.

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And like I said, as long as we
drill safely and responsibly,

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I'm committed to making sure
that we open more acres to

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gas and oil exploration.

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I want American oil
companies to do well.

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I have said, though, it doesn't
make sense for us be providing a

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$4 billion subsidy when oil and
gas are doing plenty well on

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their own.

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Oil companies are making record
profits, and that's good.

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But we don't need
to subsidize them.

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Four billion dollars
is a lot of money,

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and we've been subsidizing
them for a hundred years.

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So my attitude is, let's make
sure that we use that money in

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smarter ways to develop a whole
range of new energy sources,

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since the oil industry is mature
and has already taken off.

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Instead of investing tax dollars
in profitable companies,

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let's invest in our future.

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Let's tell Congress to
get their act together,

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let's allocate these subsidies
in a smart kind of way.

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(applause)

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Because if we're going to end
our dependence on foreign oil

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and bring gas prices
down once and for all,

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we've got to develop
every single source

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of American energy.

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We've got to develop new
technologies that help use

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less energy in our cars, our homes,
our buildings, our businesses.

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That's where we need to go.

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That's what's at
stake right now.

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And with your help, we're
going to build that future.

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So we're going to keep on
seeing this incredible part

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of America's legacy, this
incredible natural resource

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that we have, but we're also
going to use our ingenuity and

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our brainpower to develop
new sources of energy.

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That's going to be
the key to our future.

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That's how we're going to
build an economy that lasts.

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And I'm going to need your help,
New Mexico, to make it happen.

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Thank you very much, everybody.

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Appreciate you. God bless you.

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God bless New Mexico and the
United States of America.

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Thank you.

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(applause)