“Ending Subsidies for Big Oil Companies”
From the White House weblog:
In this week’s address, President Obama called on all Americans to place their bets on America’s future as we reduce our dependence on foreign oil by expanding domestic oil and gas production, increasing the efficiency of the vehicles we drive, and investing in advanced technologies and alternative fuels. While there is no quick fix for the problem of high gas prices, the President has taken steps to save families money at the pump, including signing Wall Street reforms to stop traders from unfairly manipulating the energy market, and establishing historic fuel economy standards that will nearly double the efficiency of the vehicles we drive, saving families $1.7 trillion at the pump and reducing oil consumption by 12 billion barrels. We are also producing more oil at home than at any time in the last eight years, but with only 2% of the world’s proven oil reserves, drilling alone is not a solution. We must have an all-of-the-above energy strategy that invests in new technologies and ends the $4 billion in annual subsidies to oil companies that are earning historic profits. If you believe Congress should end these oil company subsidies once and for all, tell your elected officials that it’s time to put middle class families first, not the big oil companies.
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Transcript after the break.