The other point he left out was the fact that as US oil production has gone up, the Saudi’s have cut their production to keep the world price high.
While it's true that President Obama brags about how oil and gas production are up, his policies have nothing to do with it. A new report from the Congressional Research Service confirms: "All of the increased [oil] production from 2007 to 2012 took place on non-federal lands." Since 2010, federal oil production is down 23 percent.
As you can see not only is the federal oil production down, because that arrogant pos occupant of 1600 Pennsylvania Ave and the rats in the House and Senate listen to the environmental wackos that won't allow drilling. Even though we have enough oil that could last us 200+ years. As a matter of fact we have more oil then the Saudis.