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Obama Says High Gas Prices Show Need For New Energy Sources

Date: 24-Feb-12
Country: USA
Author: Matt Spetalnick and Missy Ryan

President Barack Obama said on Thursday the federal government would fight high oil prices by easing bottlenecks and problems with permitting, but that the country would not be able to drill its way to lower oil prices.

Obama said the government would look for ways to run vehicles on fuels beyond gasoline, such as advanced biofuels and natural gas. "We can't just allow ourselves to be held hostage by the ups and downs of the world oil market. We have to keep developing new sources of energy," Obama said in a speech at the University of Miami.

(Editing by Peter Cooney)

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