Obama: US Using Less Foreign Oil

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President Obama delivers his weekly address

Click photo to watch President Obama deliver his weekly address

Click photo to watch President Obama deliver his weekly address

President Obama renews his call to end the $4 billion in tax breaks that oil companies receive each year while collecting record profits. The President asks everyone to tell their elected officials to stop this corporate welfare and fight for a clean energy future that is within our reach.

In his weekly address President Obama says: “Take a look at this chart. Six years ago, 60% of the oil we used was imported. Since I took office, America’s dependence on foreign oil has decreased every single year. In fact, in 2010, for the first time in thirteen years, less than half the petroleum we consumed was imported. Part of that is because we’re producing more oil here at home than at any time in the last eight years. But we can’t just drill our way out of this problem.

“While we consume 20 percent of the world’s oil, we only have 2 percent of the world’s oil reserves. We’ve got to develop new technology that will help us use new forms of energy. That’s been a priority of mine as President. And because of the investments we’ve made, our use of clean, renewable energy has nearly doubled and thousands of Americans have jobs because of it.”

Energy theme of Obama’s other speeches this week.

Michael McIntee

Michael McIntee is a former network TV news executive with more than 30 years of broadcasting experience. He began his broadcasting career at the University of Minnesota's student radio station. He is an expert producer, writer, video editor who has a fondness for new technology but denies that he is a geek. More about Michael McIntee »

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