WEEKLY ADDRESS: Ending Subsidies for Big Oil Companies
The White House
Office of the Press Secretary
WASHINGTON, DC— 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.
Remarks of President Barack Obama
The White House
Saturday, March 17, 2012
Hi, everybody. As I’m sure you’ve noticed over the past few weeks, the price at your local pump has been going up and up. And because it’s an election year, so has the temperature of our political rhetoric.
What matters most to me right now is the impact that rising prices have on you. When you’ve got to spend more on gas, you’ve got less to spend on everything else. It makes things harder. So I wanted to take a minute this weekend to explain what steps my Administration is taking when it comes to energy – most importantly, producing more of it while using less of it.
The truth is: the price of gas depends on
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