Obama Calls for Incentives to Spur U.S. Oil, Gas Production

President Barack Obama said there are no “quick fixes” for higher energy costs and the U.S. must embark on a long-term plan to tap domestic resources, cut usage and develop alternatives to fossil fuels.

The turmoil in the Middle East and North Africa that has driven up oil prices, the earthquake in Japan that triggered a nuclear emergency, and increasing competition for resources from the rapidly growing economies of China and India underline the challenges the U.S. faces, Obama said in a speech today.