Obama: US Using Less Foreign Oil By Michael McIntee | March 3, 2012 LikeTweet EmailPrint More More on DC Subscribe to DC Follow this author Click photo to watch President Obama deliver his weekly address Click photo to watch President Obama deliver his weekly addressPresident 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. Support this story and all the stories from The Uptake. Donate.