U.S. President Barack H. Obama said Saturday that there was “no silver bullet” for high gas prices. Gas has reached about $4 per gallon in most parts of the U.S., according to the most recent price surveys. In his address, Obama suggested working even harder on developing alternative energy sources to offset the cost of oil, but admitted that it might be awhile before those technology developments affect the costs of energy. He also said that the government would cut subsidies to oil companies and crack down on speculators.
“We need to harness the potential I've seen at promising start-ups and innovative clean energy companies across America,” Obama said, adding that cutting the government budget would also help reign in costs.