Cross-posted from ThinkProgress Green.

In an address on energy policy at the University of Miami, President Barack Obama mocked the GOP drumbeat for a drill-baby-drill response to rising gas prices. Noting that “it’s an election year,” Obama alluded to Newt Gingrich’s promise to deliver $2.50 gas with a return of drill-everywhere platform. Obama described the “three-point plans for $2 gas”: “Step one is drill, step two is drill, and step three is keep drilling.”

I mean, the American people aren’t stupid. They know that’s not a plan — especially since we’re already drilling. That’s a bumper sticker. It’s not a strategy to solve our energy challenge. That’s a strategy to get politicians through an election. You know there are no quick fixes to this problem. You know we can’t just drill our way to lower gas prices. If we’re going to take control of our energy future, and can start avoiding these annual gas price spikes that happen every year when the economy starts getting better, world demand starts increasing, turmoil in the Middle East or some other parts of the world, if we’re going to stop being at the mercy of these world events, then we need a sustained, all-of-the-above strategy that develops every available source of American energy — oil, gas, wind, solar, and nuclear, and biofuels, and more. We need to keep developing the technology that allows us to use less oil in our cars and trucks, less energy for our buildings and our plants and our factories. That’s the strategy we’re pursuing, and that’s the only real solution to this challenge. [Emphasis added.]

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In his speech, Obama also noted the role of Wall Street speculators who now dominate oil markets and called for an end to the “outrageous” billions in tax subsidies the massively profitable oil companies receive from the American people.