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Obama: "We Cannot Drill Our Way Out" Of Oil Crisis

President Obama says domestic oil drilling will not solve our energy crisis, but is open to the idea.

"We can't escape the fact that we only control 2% of the world's oil, but consume over 1/4 of the world's oil. T. Boone Pickens who was right when he said, this is one emergency we cannot drill our way out of. We cannot place our long-term bets on a finite resource that we only control 2% of, especially one vulnerable to hurricanes, war and political turmoil. Beyond increased domestic production, if we want to increase our long-term independence, we need to reduce our demand and break our independence on oil," President Obama said at a news conference on Friday.

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