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Obama: No 'Silver Bullet' for Rising Gas Prices

U.S. President Barack Obama says there is no "silver bullet" solution to offset rising gas prices, despite promises of $2-a-gallon gasoline by some politicians.

During his weekly address Saturday, Mr. Obama said developing new energy sources such as wind, solar and biofuels are key to a sustainable energy solution over the long term.

He said increasing drilling is not a plan, "it's a bumper sticker" to get politicians through an election. President Obama says U.S. oil production is already at an 8-year high.

Mr. Obama chided Congress for continuing to reward profit-making oil companies with $4 billion in tax subsidies. The president suggested Congress renew clean energy tax credits that he says would generate jobs and reduce the need for foreign oil.

In the Republican address, Senator Kay Bailey Hutchison of Texas said the president's policy is slowing down fuel exploration and drilling for oil and natural gas. Senator Hutchison says limiting drilling projects takes away jobs in the oil industry.

She called on the president to get the Democratic majority in the Senate to back a bipartisan energy policy that she says would help American families.

Watch Republican weekly address:

Some information for this report was provided by AP.