Rating is available when the video has been rented.
This feature is not available right now. Please try again later.
Published on Mar 4, 2011
During a June 10th, 2008, interview with CNBC, then-candidate Obama said this:
HARWOOD: As difficult as this is for consumers right now, is, in fact, high gas prices what we need to let the market work, a line incentive so that we do shift to alternative means of energy?
Sen. OBAMA: Well, I think that we have been slow to move in a better direction when it comes to energy usage. And the president, frankly, hasn't had an energy policy. And as a consequence, we've been consuming energy as if it's infinite. We now know that our demand is badly outstripping supply with China and India growing as rapidly as they are. So...
HARWOOD: So could these high prices help us?
Sen. OBAMA: I think that I would have preferred a gradual adjustment. The fact that this is such a shock to American pocketbooks is not a good thing. But if we take some steps right now to help people make the adjustment, first of all by putting more money into their pockets, but also by encouraging the market to adapt to these new circumstances more quickly, particularly US automakers, then I think ultimately, we can come out of this stronger and have a more efficient energy policy than we do right now.