Crude prices hit $120.36 a barrel Monday before throttling back to settle at $119.95 per barrel.

"We have here, in this nation, resources that we are not utilizing," said White House spokesman Scott Stanzel.

Oil reserves in the Arctic National Wildlife Refuge are one example of unused resources and refineries haven't been built in 30 years, Stanzel said.

"We also have to do more in terms of weaning ourselves off of that foreign oil by expanding the use of alternative sources of fuel, not only corn-based ethanol but other types of ethanol that we're investing heavily in, cellulosic ethanol, as well ... battery technology, hydrogen fuel cell technology," Stanzel said.

Oil exploration and alternative fuel development are not short-term relief, Stanzel said.

"If we don't want to go from short-term Band-Aid to short-term Band-Aid to short-term crisis to short-term crisis again and again and again, leaders in Congress should start to look forward and think about our long-term energy strategy," he said.