English subtitles for clip: File:2012-03-10 President Obama's Weekly Address.ogv

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The President:
Hi, everybody.

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I'm speaking to you this week
from a factory in Petersburg,

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Virginia, where they're bringing
on more than 100 new workers to

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build parts for the next
generation of jet engines.

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It's a story that's happening
more frequently across

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our country.

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Our businesses just added
233,000 jobs last month --

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for a total of nearly four
million new jobs over the

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last two years.

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More companies are choosing
to bring jobs back and invest

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in America.

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Manufacturing is adding jobs for
the first time since the 1990s,

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and we're building more things
to sell to the rest of the world

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stamped with three proud
words: Made in America.

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And it's not just that
we're building stuff.

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We're building better stuff.

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The engine parts manufactured
here in Petersburg will go into

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the next-generation planes
that are lighter, faster,

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and more fuel-efficient.

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That last part is important.

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Because whether you're
paying for a plane ticket,

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or filling up your gas tank,
technology that helps us get

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more miles to the gallon is
one of the easiest ways to save

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money and reduce our
dependence on foreign oil.

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The recent spike in gas prices
has been another painful

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reminder of why we have to
invest in this technology.

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As usual, politicians have been
rolling out their three-point

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plans for two-dollar gas: drill,
drill, and drill some more.

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Well, my response is,
we have been drilling.

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Under my Administration, oil
production in America is at an

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eight-year high.

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We've quadrupled the number
of operating oil rigs,

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and opened up millions
of acres for drilling.

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But you and I both know that
with only 2% of the world's oil

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reserves, we can't just drill
our way to lower gas prices --

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not when we consume
20% of the world's oil.

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We need an all-of-the-above
strategy that relies less on

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foreign oil and more on
American-made energy --

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solar, wind, natural
gas, biofuels, and more.

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That's the strategy
we're pursuing.

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It's why I went to a plant in
North Carolina earlier this

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week, where they're making
trucks that run on natural gas,

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and hybrid trucks that go
further on a single tank.

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And it's why I've been focused
on fuel efficient cars since I

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took office.

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Over the last few years, the
annual number of miles driven by

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Americans has stayed
roughly the same,

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but the total amount of gas
we use has been going down.

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In other words, we're getting
more bang for our buck.

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If we accelerate that trend,
we can help drivers save a

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significant amount of money.

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That's why, after 30
years of inaction,

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we finally put in place new
standards that will make sure

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our cars average nearly 55 miles
per gallon by the middle of the

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next decade -- nearly
double what they get today.

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This wasn't easy: we had to
bring together auto companies,

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and unions, and folks who don't
ordinarily see eye to eye.

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But it was worth it.

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Because these cars aren't some
pie in the sky solution that's

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years away.

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They're being built right
now -- by American workers,

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in factories right
here in the U.S.A.

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Every year, our cars and trucks
will be able to go further and

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use less fuel, and pretty soon,
you'll be able to fill up every

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two weeks instead
of every week --

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something that, over time, will
save the typical family more

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than $8,000 at the pump.

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We'll reduce our oil consumption
by more than 12 billion barrels.

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That is a future
worth investing in.

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So we have a choice.

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Right now, some folks in
Washington would rather spend

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another $4 billion on subsidies
to oil companies each year.

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Well, you know what?

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We've been handing out these
kinds of taxpayer giveaways for

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nearly a century.

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And outside of Congress, does
anyone really think that's still

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a good idea?

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I want this Congress to stop
the giveaways to an oil industry

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that's never been
more profitable,

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and invest in a clean energy
industry that's never been

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more promising.

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We should be investing in the
technology that's building the

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cars and trucks and jets that
will prevent us from dealing

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with these high gas prices
year after year after year.

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Ending this cycle of rising
gas prices won't be easy,

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and it won't happen overnight.

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But that's why you sent
us to Washington --

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to solve tough
problems like this one.

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So I'm going to keep doing
everything I can to help you

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save money on gas, both
right now and in the future.

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I hope politicians from both
sides of the aisle join me.

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Let's put aside the
bumper-sticker slogans and

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remember why we're here,
and get things done for the

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American people.

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Thank you, God bless you,
and have a great weekend.