By Jamie Klatell - 02/25/12 11:55 AM EST
President Obama said Saturday there is no "silver bullet" for bringing down gas prices and called for an "all-of-the-above" energy strategy.
"There are no quick fixes to this problem, and you know we can't just drill our way to lower gas prices," Obama said in his weekly address. "If we're going to take control of our energy future and avoid these gas price spikes down the line, then we need a sustained, all-of-the-above strategy that develops every available source of American energy – oil, gas, wind, solar, nuclear, biofuels and more."
"Now, we absolutely need safe, responsible oil production here in America. That’s why under my Administration, America is producing more oil today than at any time in the last eight years," Obama said. "In 2010, our dependence on foreign oil was under 50% for the first time in more than a decade."
Republicans in Congress and on the campaign trail have gone after the president on energy policy with new vigor as the price of gasoline has hit new highs.
In the Republican weekly address, Sen. Kay Bailey Hutchison (Texas) said, “We can’t slow down global demand for oil and gas," but Obama said his administration has already moved to raise fuel efficiency standards.
"Because we put in place the toughest fuel economy standards in history, our cars will average nearly 55 miles per gallon by the middle of the next decade – something that, over time, will save the typical family more than $8,000 at the pump," he said.
The president also took aim at government subsidies given to oil companies.
"It’s time to end taxpayer giveaways to an industry that’s never been more profitable, and use that money to reduce our deficit and double-down on a clean energy industry that’s never been more promising," he said.