President Obama: Nation can't drill its way out of soaring gas prices

[cal04]

http://thehill.com/blogs/e2-wire/677-e2-wire/159705-obama-more-drilling-is-not-the-solution

President Obama called for the elimination of billions of dollars in oil industry tax breaks Friday, while stressing that the United States can’t drill its way out of high gas prices.

“We can’t just drill our way out of the problem,” Obama said during an energy policy speech in Indiana Friday. “If we’re serious about addressing our energy problems, we’re going to have to do more than drill.”

(snip)
During his speech, Obama called for “putting an end to the unwarranted subsidies that we are giving oil companies right now through the tax code.”

“If you’re already paying them at the pump, we don’t need to pay them in the tax code,” he said.

[woodsprite]

1. Amen to that!!! n/t

[AtomicKitten]

2. Well the House GOP put the kibosh on eliminating those subsidies yesterday.

Under the cover of the OBL hoopla.

[young but wise]

4. I really hate those fuckers.

[AtomicKitten]

5. me too

and a half :mad:

[liberal N proud]

3. G-Obama

[Guy Whitey Corngood]

6. BOOM! Drill that beyotches! nt

[cal04]

7. President Obama Calls for End of Oil Subsidies

http://thecaucus.blogs.nytimes.com/2011/05/06/obama-calls-for-end-of-oil-subsidies/

With gasoline prices still hovering above $4 a gallon, President Obama renewed his call on Friday to close tax loopholes for large oil companies, declaring, “If you’re already paying them at the gas pump, we don’t need to pay them through the tax code.”

Mr. Obama traveled to Indiana to visit a company that makes hybrid vehicle transmissions to showcase his administration’s commitment to fuel-efficient and clean-energy technologies. But he also took aim at the oil industry as the key beneficiary of the nation’s ravenous appetite for energy.

Over the last five years, Mr. Obama said, the five largest oil companies each earned between $75 billion and $125 billion. An array of tax breaks for the industry, he said, cost American taxpayers $5 billion annually. The president, calling these loopholes “unwarranted subsidies,” said the money should be redirected to investments in clean energy.

Mr. Obama offered a familiar list of incentives to draw people away from gas-guzzling vehicles, including a $75 tax rebate for those who buy electric vehicles. And he reiterated his goal that the federal government’s vast fleet of vehicles use fuel-efficient, clean-energy technologies by 2015.

[Lorien]

8. Talk is cheap. Let's see some bold action on the clean green renewables

front, and high speed rail.