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President Barack Obama outlined his administration's response to the colossal oil spill off the Gulf Coast Tuesday evening and called for a policy that moves the U.S. towards a clean energy alternative to fossil fuels.

In what marked his first Oval Office address since assuming the presidency, Obama said that the focus in the days ahead will rest on mending the ecological impact and ensuring that action is taken to prevent future spills.

In order to help fulfill these objectives, Obama explained that the government will seek a long-term plan that includes both environmental restoration and enhanced regulation.

However, Obama noted that regulations could only go so far, and that the U.S. must ultimately focus on moving away from oil.

"For decades, we have known the days of cheap and easily accessible oil were numbered," Obama said. "The tragedy unfolding on our coast is the most painful and powerful reminder yet that the time to embrace a clean energy future is now."

The President noted that the transition would be difficult, but argued that the U.S. could not risk inaction on the energy front. Obama touted the Waxman-Markey energy bill passed through the House last year as a step in the right direction.

Although Obama conceded that the disaster could take years to overcome, he promised Gulf Coast residents that BP will be held accountable for the economic damage stemming from the ongoing crisis.

"We will make BP pay for the damage their company has caused," Obama stated. "We will do whatever’s necessary to help the Gulf Coast and its people recover from this tragedy."

The President is set to meet with BP CEO Tony Hayward on Wendesday. It will mark the 58th day since the start of the spill.