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Watch: President Obama on ending oil subsidies
President Obama calls on Congress to end the oil industry subsidies.
Mon, Mar 19, 2012 at 08:00 AM
Have you been to the gas station recently? If so, then you know that the price at the pump
continues to go up. Most gas stations in my area are selling the lowest-grade unleaded fuel for right at $4.00 gallon. This makes me think it might be a good time to be in the oil and gas industry with record profits on the horizon. Not just record profits, but $4 billion a year in taxpayer-subsidized incentives to give the industry an added boost.
This was the topic if President Obama’s weekly address, in which he calls upon Congress to end the multi-billion dollar oil industry tax subsidy and instead support the clean, renewable and domestic fuels of the future.
“In the next few weeks, I expect Congress to vote on ending these subsidies. And when they do, we’re going to put every single Member of Congress on record: They can either stand up for oil companies, or they can stand up for the American people. They can either place their bets on a fossil fuel from the last century, or they can place their bets on America’s future. So make your voice heard. Send your representative an email. Give them a call. Tell them to stand with you.”
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