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President Obama on Gas Prices and Oil Subsidies

March 1, 2012 at 5:47 PM ET by Matt Compton

Summary:

President Obama renews his call to repeal the $4 billion in subsidies that taxpayers provide the oil industry each year and calls for an all of the above approach that develops every source of energy available to us.

President Obama delivers remarks on energy from Nashua, New Hampshire (March 1, 2012)

President Barack Obama delivers remarks on the economy at Nashua Community College in Nashua, N.H., March 1, 2012. The president used a diagram to illustrate the decline in U.S. dependence on foreign oil. (Official White House Photo by Pete Souza)

Today in New Hampshire, President Obama renewed his call to repeal the $4 billion in subsidies that taxpayers provide the oil industry each year and said there's only one real path forward for America's future -- an all of the above approach that develops every source of energy available to us.

He also addressed the idea that we'll be able to drill our way to lower gas prices and energy independence:

So when it comes to oil production, under my administration, America is producing more oil today than at any time in the last eight years. That is a fact ... Under my administration, we have a near-record number of oil rigs operating right now -- more working oil and gas rigs than the rest of the world combined. Think about that.

The President is directing the federal government to address a range of issues that are having a real impact on what each of us pays at the pump. For starters, he's working to prevent speculators from taking advantage of uncertainties in the commodities market and trying to reduce bottlenecks in the supply chain.

And the President is making a real push to eliminate the tax breaks that we provide to one of the most profitable industries in the world:

[Oil] companies are making record profits right now -- tens of billions of dollars a year. Every time you go to the gas tank or fill up your gas tank, they’re making money. Every time. Now, does anyone really think that Congress should give them another $4 billion this year? Of course not. It’s outrageous. It’s inexcusable. And I am asking Congress -- eliminate this oil industry giveaway right away. I want them to vote on this in the next few weeks.

For more information about America’s decreasing dependence on foreign oil, check out our post from earlier today.