Interview and video from KVUE:

“We are opening up millions of acres, for example, in the Gulf of Mexico, to potential oil exploration,” [said] the president. “But ultimately, here’s the issue — We’ve got two percent of the world’s oil and we use 20 percent of the world’s oil. So there’s a big gap there, and what determining prices is what’s happening on the world’s oil market. That’s why the only way over time our economy is not subject to the whims of the oil markets or oil speculators if we’re using less. If we got more control over our energy future. That’s why, for example, we are giving $4 billion in tax subsidies to the oil companies, instead of taking that $4 billion and investing in alternative and clean energies. That doesn’t make sense. That’s why doubling fuel efficiency standards on cars was something we were able to do this past year, is going to make such a difference over the long term that will save consumers about $8,000 over at the pump.”

Meanwhile a useful infographic from Business Insider.