Liveblog of speech

I’ll update this one as we go. Everything is a paraphrase (or snark) unless in quotes.

1. He’s for US manufactures.

2. Rising gas prices are “like a tax” out of your paycheck.

3. Those rascally GOP guys are “licking their chops” about rising gas prices. They’ll have a 3-point plan for $2 gas: “step one is to drill…drill…drill”.

4. “That’s not a plan … it’s a bumper sticker.”

5. Need a “sustained all of the above strategy”: drill, biofuel, wind, and nukes.

6. The US will drill and drill, but it’s not enough. “The oil market is global” [he doesn’t say we don’t have any hope of making enough for how much we use.] [Correction — see #9 below.]

7. When uncertainty increases, Wall St. speculation drives up prices more.

8. Global demand – especially China and Brazil – continues to go up as they buy a car “just like Americans do” demand will grow even more. “Anyone who tells you that we can drill our way out of this problem doesn’t know what they are talking about, or isn’t telling you the truth.”

9. US consumes 20% of the world’s oil, but has only 2% of the world’s reserves. “We can’t just rely on fossil fuels.” We need new technology and “use energy smarter.”

10. US reliance on foreign oil is down (in % terms).

11. We’re requiring higher fuel economy standards.

12. When you guy a car in a decade, you’ll be able to fill up your car every 2 weeks. That will reduce consumption by 2 million barrels per day [out of what, I wonder].

13. But we need invest in ‘every available source of American-made energy.’

14. There is no short-term silver bullet….but they’ll look to do what they can anyway. But the long-term strategy is “the right incentives”. $4bn of tax money subsidizes oil companies. They don’t need it. Politicians who support oil companies should be forced to justify it. “A century of subsidies is long enough.”

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