Obama defends energy policy as gas prices rise

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Obama defends energy policy as gas prices rise
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - President Barack Obama defended on Thursday his energy policy from Republican attacks that he has not done enough to counter the recent run-up in gasoline prices. Obama blamed the increase in gasoline prices on instability in the Middle East and rising tension with Iran. Obama said that more drilling in the U.S. will not bring down the price at the pump. In fact, the U.S. is producing more oil than at any time in the last eight years, he said. "There are no quick fixes to this problem and you know we can't just drill our way to lower gas prices," Obama said in a speech at the University of Miami. Obama said was directing his administration to "look for every single area" for steps to lower gas prices, from permitting to delivery bottlenecks to international oil markets. In general, Obama said the U.S. needed a comprehensive strategy that develops every source of American energy, "oil, gas, wind, solar, nuclear, biofuels, and more."