Obama: Congress Should Kill Oil Industry Tax Breaks

Ad Feedback

President Barack Obama has said there are no "quick fixes" to cut gasoline prices, adding that any politician who says they can bring down those prices is just looking for votes.

That comment was an apparent reference to former House Speaker Newt Gingrich, R-Ga., who says his energy plan would cut gas prices to $2.50 a gallon.

Obama argues that America needs to spend more on investing in green energy for the long term. He said his administration is trying to develop wind and solar power, biofuels, and usher in more fuel-efficient vehicles to make the nation less dependent on oil.

The president expects Congress in the next few weeks to consider ending the $4 billion in tax subsidies for the oil and gas industry.

In his weekly radio address Saturday, he said the vote would put them on record on whether they "stand up for oil companies" or "stand up for the American people."

Industry officials and many Republicans in Congress contend that cutting the tax breaks would lead to higher fuel prices.

In the weekly Republican address, Rep. Cory Gardner, R-Colo., said his constituents have been hard hit by an increase in gasoline prices.

"They are fed up with the way the president is handling this issue and rightfully so. The most forceful thing the president has done about high gas prices is try to explain that he's against them," Gardner said.

The price for a gallon of unleaded gasoline was averaged $1.84 when the Obama took office. Prices have more than doubled to the current national average of $3.83 released by the American Automobile Association last week.

The president is scheduled to visit four states this week to push his administration's "all of the above" energy strategy. The two-day trip includes stops in Nevada, New Mexico, Oklahoma, and Ohio.

Log in or create an account to post a comment.  


Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBN News


CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.