President on oil subsidies: "These tax giveaways aren't right. They aren't smart. And we need to end them."
In his weekly address, President Obama continued his push to end taxpayer subsidies for oil companies:
"In some places, gas is now more than $4 a gallon, meaning that you could be paying upwards of $50 or $60 to fill up you tank.
Of course, while rising gas prices mean real pain for our families at the pump, they also mean bigger profits for oil companies. This week, the largest oil companies announced that they'd made more than $25 billion in the first few months of 2011 - up about 30% from last year.
Now, I don't have any problem with any company or industry being rewarded for their success. The incentive of healthy profits is what fuels entrepreneurialism and helps drive our economy forward. But I do have a problem with unwarranted taxpayer subsidies that we've been handing out to oil and gas companies - to the tune of $4 billion a year. When oil companies are making huge profits already, and you're struggling at the pump, and we're scouring the federal budget for spending we can afford to do without, these tax giveaways aren't right. They aren't smart. And we need to end them."
The president reiterated that he is not against domestic oil production, but once again made it clear that he strongly believes in protecting investments in developing clean energy.
President Obama's Weekly Address:
