He directed his administration to open up more than 75 percent of potential offshore oil and gas resources for production.
Eight-Year High
"Right now, American oil production is the highest that it's been in eight years," Obama said. "Not only that - last year, we relied less on foreign oil than in any of the past 16 years."
U.S. natural-gas production averaged 1.89 trillion cubic feet a month through October, 13 percent higher than the average during President George W. Bush's two terms, according to Energy Department data. Crude oil production is 2 percent higher, the department said.
While the U.S. has abundant natural-gas resources, it lacks regulations that would ensure safe production, Frances Beinecke, president of the New York-based Natural Resources Defense Council, told reporters in Washington today. She said the group "will be as aggressive as it can be" to close that gap.
Obama said the drive for new drilling would be accompanied by regulations to ensure safe drilling practices. Those would include a requirement that companies operating on public lands disclose the chemicals used in the fracking fluid.
'Tip of Iceberg'
"That's very, very important, but that's only the tip of the iceberg," Beinecke said. "There are huge air quality impacts. These huge industrial operations are coming to small towns."
As Obama backed more domestic oil and gas production, he also pledged support for renewable sources of power, urging Congress to pass clean energy tax credits and a mandate for more electricity to come for cleaner sources of power.
An energy efficiency initiative he's backing would cut $100 billion from the nation's energy bills, he said. Obama also pledged that the Defense Department would make the largest renewable energy purchases in history.