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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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by snowman on Mar 14, 2011 at 10:20 AM
    People wanted change, now that is all they have in there pockets.
  • by Raymond Babcock Location: Topeka Ks. on Mar 13, 2011 at 03:37 PM
    for the last 30 years the democrats said no power plants because it will take 10 years this 10 year is used for a lot of things
  • by just wondering Location: alabama on Mar 13, 2011 at 12:06 AM
    Oil for illegals. To some it may sound crazy, but we have spent billions taking care of these ungrateful leeches. Send a bill and tell Mexico to send us oil or we will send them back where they came from. Also, don't count on the attorney general to do anything about price gouging. Video taped evidence of voter intimidation was considered not enough evidence to convict anyone, so they got away with it. Whose side are these people on? We know it ain't Americas side.
  • by Carolyn Location: Ozark on Mar 12, 2011 at 05:53 PM
    No it would not come in overnight, however it would centainingly give us some hope!! Not to mention helping future generations!!
  • by john Location: alabama on Mar 12, 2011 at 02:39 PM
    What a stupid, stupid hypocrite this man is. HE stops us from drilling for oil in this country and turns around and provides billions of tax payers (not those welfare receiving democratic voters) dollars to Brazils government owned oil industry to drill off the Brazilian coast for their own oil that they will in turn sell back to us at an inflated profit.On behalf of all our children, grandchildren, and great grandchildren, thanks to all of you who put this anti American idiot into office.
  • by JH Location: Enterprise on Mar 12, 2011 at 10:31 AM
    Obama will say or do anything to get reelected in 2012. He is a first class scam artist.
  • by Joey Location: dothan on Mar 12, 2011 at 04:15 AM
    Everyone knows that business people, just like most working people, want to make just as much money as they can. So looking out for price gouging seems like it might be a good thing huh? Well it might would be if they found it and actually lowered the price of gas for the people who have been overcharged. Somehow though when the government finds things wrong in business they want the businesses to pay them, not the people who paid the over charged prices. What might be an even bigger reason for high gas prices is government regulations. When they handcuff the oil companies from drilling and refining oil right here in our own country, they are setting us up for times like this. Vote out ALL members of both parties who have controled our government and put us in this situation. Let someone who is loyal to the United States instead of loyal to a political party run our country. Vote Independent.
  • by Rex Location: dothan on Mar 12, 2011 at 04:01 AM
    what about the oil in the dakotas billions of gallons just now being tapped.. enough to make the US non dependent on other oil sources for centuries.. what a brain up there in DC
  • by Tom Location: Enterprise on Mar 12, 2011 at 12:19 AM
    If the President would stop and face reality of our dire need for oil, he would realize drilling for oil would create a numerous amount of jobs, pull the U.S. above 2 percent of the world oil market, therefore encouraging the Mid-East to lower their export prices therefore lowering the cost of gas at the pumps. Please Mr. President, and all you politician's realize the needs of the American people you represent for a moment and for forget about whom you may offend concerning foreign policy, especially in the Mid-East. Do your job! Represent America, and forget about the Mid-East, we have our own domestic/financial issues to worry about.
  • by just wondering Location: alabama on Mar 11, 2011 at 10:44 PM
    Well thank you so much Mr. President!!! If you had not been against our oil industry in the first place and not tried to shut it down, we just might be producing more now. And don't even talk about price gouging. Your healthcare bill has taken price gouging to a whole new level; not to mention fraud and lying. All of us that keep up with what you and your administrationdo have no confidence in what you people say. Just leave our country alone and take a vacation until 2012, and we can maybe get a lot closer to getting it back on its' feet again.
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