President Obama on Drilling for Oil

President Obama says even if the country started drilling new wells tomorrow, that oil wouldn't come online overnight.

“Even if we tap every single reserve available to us, we can't escape the fact that we only control 2% of the world's oil, but we consume over a quarter of the world's oil."

In light of the recent price fluctuations, the president says he's prepared to tap into the country's emergency oil reserves if the situation demands it. He also says they're monitoring any possible manipulations in the oil markets, and he's asked the attorney general and relevant agencies to work with state attorneys general to be on the lookout for price gouging.

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