Note: The following transcript was released by The White House.
THE PRESIDENT: Hello, Oklahoma! (Applause.) Well, it's good to be here. Everybody, have a seat. Have a seat.
AUDIENCE MEMBER: I love you, Mr. President!
THE PRESIDENT: I love you back. It's wonderful to see you.
It is good to be back in Oklahoma. I haven’t been back here since the campaign, and everybody looks like they're doing just fine. (Laughter.) Thank you so much for your hospitality. It is wonderful to be here.
Yesterday, I visited Nevada and New Mexico to talk about what we're calling an all-of-the-above energy strategy. It’s a strategy that will keep us on track to further reduce our dependence on foreign oil, put more people back to work, and ultimately help to curb the spike in gas prices that we're seeing year after year after year.
So today, I’ve come to Cushing, an oil town -- (applause) -- because producing more oil and gas here at home has been, and will continue to be, a critical part of an all-of-the-above energy strategy. (Applause.)
Now, under my administration, America is producing more oil today than at any time in the last eight years. (Applause.) That's important to know. Over the last three years, I’ve directed my administration to open up millions of acres for gas and oil exploration across 23 different states. We’re opening up more than 75 percent of our potential oil resources offshore. We’ve quadrupled the number of operating rigs to a record high. We’ve added enough new oil and gas pipeline to encircle the Earth and then some.
So we are drilling all over the place -- right now. That’s not the challenge. That's not the problem. In fact, the problem in a place like Cushing is that we’re actually producing so much oil and gas in places like North Dakota and Colorado that we don’t have enough pipeline capacity to transport all of it to where it needs to go -- both to refineries, and then, eventually, all across the country and around the world. There’s a bottleneck right here because we can’t get enough of the oil to our refineries fast enough. And if we could, then we would be able to increase our oil supplies at a time when they're needed as much as possible.
Now, right now, a company called TransCanada has applied to build a new pipeline to speed more oil from Cushing to state-of-the-art refineries down on the Gulf Coast. And today, I'm directing my administration to cut through the red tape, break through the bureaucratic hurdles, and make this project a priority, to go ahead and get it done. (Applause.)
Now, you wouldn't know all this from listening to the television set. (Laughter.) This whole issue of the Keystone pipeline had generated, obviously, a lot of controversy and a lot of politics. And that’s because the original route from Canada into the United States was planned through an area in Nebraska that supplies some drinking water for nearly 2 million Americans, and irrigation for a good portion of America's croplands. And Nebraskans of all political stripes -- including the Republican governor there -- raised some concerns about the safety and wisdom of that route.
So to be extra careful that the construction of the pipeline in an area like that wouldn’t put the health and the safety of the American people at risk, our experts said that we needed a certain amount of time to review the project. Unfortunately, Congress decided they wanted their own timeline -- not the company, not the experts, but members of Congress who decided this might be a fun political issue, decided to try to intervene and make it impossible for us to make an informed decision.
So what we’ve said to the company is, we’re happy to review future permits. And today, we’re making this new pipeline from Cushing to the Gulf a priority. So the southern leg of it we're making a priority, and we're going to go ahead and get that done. The northern portion of it we're going to have to review properly to make sure that the health and safety of the American people are protected. That’s common sense.
But the fact is that my administration has approved dozens of new oil and gas pipelines over the last three years -– including one from Canada. And as long as I’m President, we’re going to keep on encouraging oil development and infrastructure and we’re going to do it in a way that protects the health and safety of the American people. We don’t have to choose between one or the other, we can do both. (Applause.)
So if you guys are talking to your friends, your neighbors, your coworkers, your aunts or uncles and they’re wondering what’s going on in terms of oil production, you just tell them anybody who suggests that somehow we’re suppressing domestic oil production isn’t paying attention. They are not paying attention. (Applause.)
What you also need to tell them is anybody who says that just drilling more gas and more oil by itself will bring down gas prices tomorrow or the next day or even next year, they’re also not paying attention. They’re not playing it straight. Because we are drilling more, we are producing more. But the fact is, producing more oil at home isn’t enough by itself to bring gas prices down.