President Obama defends energy policies (VIDEO)

President Barack Obama tackled criticism over high gas prices during a speech at the University of Miami on Thursday, according to the Associated Press.

He especially took aim at the promises made by campaigning Republicans, saying, “It’s the easiest thing in the world make phony election-year promises about lower gas prices,” according to The Los Angeles Times.

Gas prices are currently almost $4 a gallon and likely to go higher, making Obama’s energy policies vulnerable to criticism from Republicans. Presidential candidate Newt Gingrich’s campaign is currently running an ad outlining his strategy to return to $2.50 a gallon, while rival Rick Santorum blamed Obama’s “radical environmental policies” for the hike in prices, said The LA Times.

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Obama said, “You can bet that since it’s an election year, they’re already dusting off their three point plan for $2 gas. I’ll save you the suspense. Step one is to drill and step two is to drill and then step three is to keep drilling. We heard the same line in 2007, when I was running for president. We hear the same thing every year.”

During the speech, Obama acknowledged that there was no silver bullet, but pushed forward a comprehensive approach involving more domestic production, improved fuel efficiency and investment in clean, alternative energy, according to The Washington Post.

Factors contributing to the increase in gas prices range from the Gulf oil spill and the unrest in Libya and Iran, to economic improvement, said The LA Times, as demand for crude goes up with better economic times.

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Here is an excerpt from his speech, courtesy of the AP.