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WEEKLY ADDRESS: Ending Subsidies for Big Oil Companies
The White House
Office of the Press Secretary
For Immediate Release
March 17, 2012
WEEKLY ADDRESS: Ending Subsidies for Big Oil Companies
WASHINGTON, DC In this weeks address, President Obama called on all Americans to place their bets on Americas future as we reduce our dependence on foreign oil by expanding domestic oil and gas production, increasing the efficiency of the vehicles we drive, and investing in advanced technologies and alternative fuels. While there is no quick fix for the problem of high gas prices, the President has taken steps to save families money at the pump, including signing Wall Street reforms to stop traders from unfairly manipulating the energy market, and establishing historic fuel economy standards that will nearly double the efficiency of the vehicles we drive, saving families $1.7 trillion at the pump and reducing oil consumption by 12 billion barrels. We are also producing more oil at home than at any time in the last eight years, but with only 2% of the worlds proven oil reserves, drilling alone is not a solution. We must have an all-of-the-above energy strategy that invests in new technologies and ends the $4 billion in annual subsidies to oil companies that are earning historic profits. If you believe Congress should end these oil company subsidies once and for all, tell your elected officials that its time to put middle class families first, not the big oil companies.
[center]Remarks of President Barack Obama
Weekly Address
The White House
Saturday, March 17, 2012[/center]
Hi, everybody. As Im sure youve noticed over the past few weeks, the price at your local pump has been going up and up. And because its an election year, so has the temperature of our political rhetoric.
What matters most to me right now is the impact that rising prices have on you. When youve got to spend more on gas, youve got less to spend on everything else. It makes things harder. So I wanted to take a minute this weekend to explain what steps my Administration is taking when it comes to energy most importantly, producing more of it while using less of it.
The truth is: the price of gas depends on a lot of factors that are often beyond our control. Unrest in the Middle East can tighten global oil supply. Growing nations like China or India adding cars to the road increases demand. But one thing we should control is fraud and manipulation that can cause prices to spike even further.
For years, traders at financial firms were able to game the energy markets, distort the price of oil, and make big profits for themselves at your expense. And they were able to do all that because of major gaps and loopholes in our regulations. When I took office, we did something about it.
The Wall Street reforms I signed into law are helping bring energy markets out of the shadows and under real oversight. Theyre strengthening our ability to go after fraud and to prevent traders from manipulating the market. So its not just wrong, but dangerous that some in Congress want to roll back those protections and return to the days when companies like Enron could avoid regulation and reap enormous profits, no matter who it hurt.
Whats more, at a time when big oil companies are making more money than ever before, were still giving them $4 billion of your tax dollars in subsidies every year. Your member of Congress should be fighting for you. Not for big financial firms. Not for big oil companies.
In the next few weeks, I expect Congress to vote on ending these subsidies. And when they do, were going to put every single Member of Congress on record: They can either stand up for oil companies, or they can 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 Americas future. So make your voice heard. Send your representative an email. Give them a call. Tell them to stand with you.
And tell them to be honest with you. Its easy to promise a quick fix when it comes to gas prices. There just isnt one. Anyone who tells you otherwise any career politician who promises some three-point plan for two-dollar gas theyre not looking for a solution. Theyre just looking for your vote.
If were truly going to make sure were not at the mercy of spikes in gas prices every year, the answer isnt just to drill more because were already drilling more. Under my Administration, were producing more oil here at home than at any time in the last eight years, thats a fact. Weve quadrupled the number of operating oil rigs to a record high, thats a fact. And weve opened millions of acres on land and offshore to develop more of our domestic resources.
Those are the facts. But we cant just rely on drilling. Not when we use more than 20 percent of the worlds oil, but still only have 2 percent of the worlds known oil reserves. If we dont develop other sources of energy, and the technology to use less energy, well continue to be dependent on foreign countries for our energy needs. Thats why were pursuing an all-of-the-above strategy. As we develop more oil and gas, were also developing wind and solar power; biofuels, and next-generation vehicles and thousands of Americans have jobs right now because of it. We need to keep making those investments because I dont want to see those jobs go to other countries. I want to create even more of them right here in America.
And after three decades of inaction, we raised fuel economy standards so that by the middle of the next decade, our cars will average nearly 55 miles per gallon. Thats nearly double what they get today. That means youll only have to fill up every two weeks instead of every week. And that will save the typical family more than $8,000 over the life of the car just by using less gas.
Combined, these steps have helped put us on a path to greater energy independence. Since I took office, Americas dependence on foreign oil has gone down every single year. In 2010, for the first time in 13 years, less than half the oil we used came from foreign countries.
We can do even better. And we will. But what we cant do is keep being dependent on other countries for our energy needs. In America we control our own destiny. So thats the choice we face the past, or the future. And America is what it is today because we have always placed our bets on the future. Thanks, and have a great weekend.
http://www.whitehouse.gov/the-press-office/2012/03/17/weekly-address-ending-subsidies-big-oil-companies
Office of the Press Secretary
For Immediate Release
March 17, 2012
WEEKLY ADDRESS: Ending Subsidies for Big Oil Companies
WASHINGTON, DC In this weeks address, President Obama called on all Americans to place their bets on Americas future as we reduce our dependence on foreign oil by expanding domestic oil and gas production, increasing the efficiency of the vehicles we drive, and investing in advanced technologies and alternative fuels. While there is no quick fix for the problem of high gas prices, the President has taken steps to save families money at the pump, including signing Wall Street reforms to stop traders from unfairly manipulating the energy market, and establishing historic fuel economy standards that will nearly double the efficiency of the vehicles we drive, saving families $1.7 trillion at the pump and reducing oil consumption by 12 billion barrels. We are also producing more oil at home than at any time in the last eight years, but with only 2% of the worlds proven oil reserves, drilling alone is not a solution. We must have an all-of-the-above energy strategy that invests in new technologies and ends the $4 billion in annual subsidies to oil companies that are earning historic profits. If you believe Congress should end these oil company subsidies once and for all, tell your elected officials that its time to put middle class families first, not the big oil companies.
[center]Remarks of President Barack Obama
Weekly Address
The White House
Saturday, March 17, 2012[/center]
Hi, everybody. As Im sure youve noticed over the past few weeks, the price at your local pump has been going up and up. And because its an election year, so has the temperature of our political rhetoric.
What matters most to me right now is the impact that rising prices have on you. When youve got to spend more on gas, youve got less to spend on everything else. It makes things harder. So I wanted to take a minute this weekend to explain what steps my Administration is taking when it comes to energy most importantly, producing more of it while using less of it.
The truth is: the price of gas depends on a lot of factors that are often beyond our control. Unrest in the Middle East can tighten global oil supply. Growing nations like China or India adding cars to the road increases demand. But one thing we should control is fraud and manipulation that can cause prices to spike even further.
For years, traders at financial firms were able to game the energy markets, distort the price of oil, and make big profits for themselves at your expense. And they were able to do all that because of major gaps and loopholes in our regulations. When I took office, we did something about it.
The Wall Street reforms I signed into law are helping bring energy markets out of the shadows and under real oversight. Theyre strengthening our ability to go after fraud and to prevent traders from manipulating the market. So its not just wrong, but dangerous that some in Congress want to roll back those protections and return to the days when companies like Enron could avoid regulation and reap enormous profits, no matter who it hurt.
Whats more, at a time when big oil companies are making more money than ever before, were still giving them $4 billion of your tax dollars in subsidies every year. Your member of Congress should be fighting for you. Not for big financial firms. Not for big oil companies.
In the next few weeks, I expect Congress to vote on ending these subsidies. And when they do, were going to put every single Member of Congress on record: They can either stand up for oil companies, or they can 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 Americas future. So make your voice heard. Send your representative an email. Give them a call. Tell them to stand with you.
And tell them to be honest with you. Its easy to promise a quick fix when it comes to gas prices. There just isnt one. Anyone who tells you otherwise any career politician who promises some three-point plan for two-dollar gas theyre not looking for a solution. Theyre just looking for your vote.
If were truly going to make sure were not at the mercy of spikes in gas prices every year, the answer isnt just to drill more because were already drilling more. Under my Administration, were producing more oil here at home than at any time in the last eight years, thats a fact. Weve quadrupled the number of operating oil rigs to a record high, thats a fact. And weve opened millions of acres on land and offshore to develop more of our domestic resources.
Those are the facts. But we cant just rely on drilling. Not when we use more than 20 percent of the worlds oil, but still only have 2 percent of the worlds known oil reserves. If we dont develop other sources of energy, and the technology to use less energy, well continue to be dependent on foreign countries for our energy needs. Thats why were pursuing an all-of-the-above strategy. As we develop more oil and gas, were also developing wind and solar power; biofuels, and next-generation vehicles and thousands of Americans have jobs right now because of it. We need to keep making those investments because I dont want to see those jobs go to other countries. I want to create even more of them right here in America.
And after three decades of inaction, we raised fuel economy standards so that by the middle of the next decade, our cars will average nearly 55 miles per gallon. Thats nearly double what they get today. That means youll only have to fill up every two weeks instead of every week. And that will save the typical family more than $8,000 over the life of the car just by using less gas.
Combined, these steps have helped put us on a path to greater energy independence. Since I took office, Americas dependence on foreign oil has gone down every single year. In 2010, for the first time in 13 years, less than half the oil we used came from foreign countries.
We can do even better. And we will. But what we cant do is keep being dependent on other countries for our energy needs. In America we control our own destiny. So thats the choice we face the past, or the future. And America is what it is today because we have always placed our bets on the future. Thanks, and have a great weekend.
http://www.whitehouse.gov/the-press-office/2012/03/17/weekly-address-ending-subsidies-big-oil-companies
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WEEKLY ADDRESS: Ending Subsidies for Big Oil Companies (Original Post)
Tx4obama
Mar 2012
OP
graywarrior
(59,440 posts)1. Watching on C-SPAN right now