The longer we let politicians like President Obama continue to block responsible American energy production, the longer our nation will continue to suffer with high gas prices and limited energy security.
Obama said Saturday in his weekly radio and Internet address that he expected Congress to consider in the next few weeks ending $4 billion in tax subsidies, a move he has failed to persuade lawmakers to make during his term.
Industry officials and many Republicans in Congress contend that cutting the tax breaks would lead to higher fuel prices, raising costs on oil companies and affecting their investments in exploration and production.
They must pay more for fuel and shipping and for materials affected by high oil prices, such as petroleum based plastics.
The measure is considered a long shot, given that Obama couldn’t end the subsidies when Democrats controlled Congress earlier in his term.
Republican presidential candidates have accused Obama of delaying drilling for oil in the Gulf of Mexico and in a national wildlife refuge in Alaska and faulted him for not advancing the Keystone XL oil pipeline from Canada to Texas Gulf Coast refineries.
They have also criticized policies pursued by the Environmental Protection Agency as inhibiting energy development.
We know better; you know better,” he told a crowd at Prince George’s Community College in Maryland. “There is no such thing as a quick fix when it comes to high gas prices.
He said the US is producing more oil than at any time in the past eight years and has quadrupled the number of operating oil rigs.
He said his administration was trying to develop wind and solar power, biofuels and usher in more fuel efficient vehicles to make the nation less dependent on oil.
, said his constituents have been hard hit by an increase in gasoline prices and were “fed up with the way the president is handling this issue, and rightfully so.
Obama has been focusing on energy in publicappearances and speeches as rising gasoline prices threaten toimpede the recovery.
On average, Americans said gas prices of $5.30 to $5.35 are a "tipping point" that would cause them to make those cutbacks.
“Gardner said the $800 billion stimulus spending sought by Obama promoted energy companies that went bankrupt, wasting taxpayer money.”.
After spending money we don’t have on what won’t work — and overregulating what would — is it any wonder gas prices have more than doubled on the president’s watch.
The Obama administration argues that oil and gas prices are set by global demand and that those who promise a quick fix are lying to voters.
Julia Macdonald is a business journalist based in Cairns, Australia. Julia has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Julia spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.