(WASHINGTON) — President Obama is calling for Congress to end $4 billion in subsidies to oil and gas companies and invest in clean energy instead, arguing that decreasing the nation’s dependence on oil will ease the pain at the pump.
“We’ve been handing out these kinds of taxpayer giveaways for nearly a century. And outside of Congress, does anyone really think that’s still a good idea?” the president asks in his weekly address.
“We should be investing in the technology that’s building the cars and trucks and jets that will prevent us from dealing with these high gas prices year after year after year,” he says.
As rising gas prices become a key issue on the campaign trail, the president continues to defend his “all-of-the-above” energy strategy against Republican attacks.
“As usual, politicians have been rolling out their three-point plans for two-dollar gas: drill, drill, and drill some more. Well, my response is, we have been drilling,” the president says. “Under my Administration, oil production in America is at an eight-year high.”
Obama, speaking from the manufacturing facility in Petersburg, Va., that he visited Friday, vows to “keep doing everything I can to help you save money on gas, both right now and in the future.”
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