U.S. oil production

Oil drilling rig near Stanley, North Dakota
An oil drilling rig is seen September 29, 2010 near Stanley, North Dakota. The well is being drilled into the Bakken Formation, one of the largest contiguous deposits of oil and natural gas in the United States.
KAREN BLEIER/AFP/Getty Images

President Obama said American oil production is the highest it's been in eight years in his State of the Union address. Critics claim his administration is actually inhibiting further growth, while his supporters say he is balancing the need for both natural gas and oil to exist while further developing renewable energy sources.

So what is the status of oil and natural gas production in the U.S.? Can the U.S. realistically wean itself of foreign oil? Where can industry and environmental groups work together to create a diverse domestic energy portfolio?

Kerri's guests are Elgie Holstein, Senior Director for Strategic Planning at Environmental Defense Fund, and Kenneth Green, resident scholar at the American Enterprise Institute.