Alexa
  • Directory of Taiwan

Obama seeks halt to tax subsidies for oil industry

 Henry Rice, of Atlanta, pumps gas Friday, March 16, 2012, at a station in Atlanta. Gasoline prices rose again Friday and are now averaging more than ...
 President Barack Obama eaves to the crowd after speaking during a fundraiser at the film studio of actor Tyler Perry Friday, March 16, 2012, in Atlan...
 Louis Alonzo is reflected on a pump as he fills up a tank at a gas station in La Habra, Calif., Friday, March 16, 2012. Gasoline prices rose again Fr...
 A Chevron station displays the price of the three grades of gasoline in Miami, Friday, March 16, 2012. Gasoline prices rose again Friday and are now ...
 Gasoline prices above five-dollars a gallon are posted at a gas station in downtown Los Angeles on Friday, March 16, 2012. (AP Photo/Damian Dovargane...

Economy Gas Prices

Henry Rice, of Atlanta, pumps gas Friday, March 16, 2012, at a station in Atlanta. Gasoline prices rose again Friday and are now averaging more than ...

Obama

President Barack Obama eaves to the crowd after speaking during a fundraiser at the film studio of actor Tyler Perry Friday, March 16, 2012, in Atlan...

Gas Prices

Louis Alonzo is reflected on a pump as he fills up a tank at a gas station in La Habra, Calif., Friday, March 16, 2012. Gasoline prices rose again Fr...

Economy Gas Prices

A Chevron station displays the price of the three grades of gasoline in Miami, Friday, March 16, 2012. Gasoline prices rose again Friday and are now ...

Economy Gas Prices

Gasoline prices above five-dollars a gallon are posted at a gas station in downtown Los Angeles on Friday, March 16, 2012. (AP Photo/Damian Dovargane...

President Barack Obama is calling anew on Congress to end tax subsidies for the oil and gas industry, saying America needs to develop alternative sources of energy in the face of rising gasoline prices.
Obama said Saturday in his weekly radio and Internet address that he expected Congress to consider in the next few weeks halting $4 billion in tax subsidies, something he hasn't been able to get through Congress throughout his presidency. He said the vote would put lawmakers on record on whether they "stand up for oil companies" or "stand up for the American people."
"They can either place their bets on a fossil fuel from the last century or they can place their bets on America's future," Obama said.
Industry officials and many Republicans in Congress have argued that cutting the tax breaks would lead to higher gas prices, raising costs on oil companies and affecting their investments in exploration and production. The measure is considered a long shot in Congress, 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.
Obama said there is no quick fix to high gas prices, but he pushed back against critics who say he is opposed to more drilling. He said the U.S. is producing more oil than at any time in the past eight years and has quadrupled the number of operating oil rigs.
"If we're truly going to make sure we're not at the mercy of spikes in gas prices every year, the answer isn't just to drill more _ because we're already drilling more," Obama said. 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.
In the weekly Republican address, Rep. Cory Gardner said his constituents have been hard hit by an increase in gas prices and were "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 $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? Make no mistake, high gas prices are a symptom of his failed `stimulus' policies," Gardner said.
Obama is expected to keep up a drumbeat on energy this week, traveling to four states over two days to push his administration's "all of the above" energy strategy. The trip includes stops in Nevada, New Mexico, Oklahoma and Ohio.
___
Online:
www.whitehouse.gov
www.youtube.com/HouseConference


Updated : 2021-10-20 03:30 GMT+08:00