Weekly Address: Stopping Oil Market Fraud,
Beginning a Clean Energy Future
This is a time of year when people get together with family and friends to
observe Passover and to celebrate Easter. It’s a chance to give thanks for our
blessings and reaffirm our faith, while spending time with the people we love.
We all know how importa
nt that is
– especially in hard times. And that’s what
a lot of people are facing these days.
Even though the economy is growing again and we’ve seen businesses adding
jobs over the past year, many are still looking for work. And even if you
haven’t faced
a job loss, it’s still not easy out there. Your paycheck isn’t
getting bigger, while the cost of everything from college for your kids to gas
for your car keeps rising. That’s something on a lot of people’s minds right
now, with gas prices at $4 a gallon.
It’s just another burden when things were
already pretty tough.
Now, whenever gas prices shoot up, like clockwork, you see politicians racing
to the cameras, waving three
-point plans for two dollar gas. You see people
trying to grab headlines or score a fe
w points. The truth is, there’s no silver
bullet that can bring down gas prices right away.
But there are a few things we can do. This includes safe and responsible
production of oil at home, which we are pursuing. In fact, last year, American
oil producti
on reached its highest level since 2003. On Thursday, my Attorney
General also launched a task force with just one job: rooting out cases of
fraud or manipulation in the oil markets that might affect gas prices, including
any illegal activity by traders an
d speculators. We’re going to make sure that
no one is taking advantage of the American people for their own short-
term
gain. And another step we need to take is to finally end the $4 billion in
taxpayer subsidies we give to the oil and gas companies each
year. That’s $4
billion of your money going to these companies when they’re making record
profits and you’re paying near record prices at the pump. It has to stop.
Instead of subsidizing yesterday’s energy sources, we need to invest in
tomorrow’s. We need
to invest in clean, renewable energy. In the long term,
that’s the answer. That’s the key to helping families at the pump and
reducing our dependence on foreign oil. We can see that promise already.
Thanks to an historic agreement we secured with all the major auto
companies, we’re raising the fuel economy of cars and trucks in America,
using hybrid technology and other advances. As a result, if you buy a new car
in the next few years, the better gas mileage is going to save you about
$3,000 at the pump.
But we need to do more. We need to harness the potential I’ve seen at
promising start
-ups and innovative clean energy companies across America.
And that’s at the heart of a debate we’re having right now in Washington
about the budget.
Both Democrats and Repu
blicans believe we need to reduce the deficit. That’s
where we agree. The question we’re debating is how we do it. I’ve proposed a
balanced approach that cuts spending while still investing in things like
education and clean energy that are so critical to
creating jobs and
opportunities for the middle class. It’s a simple idea: we need to live within
our means while at the same time investing in our future.
That’s why I disagree so strongly with a proposal in Congress that cuts our
investments in clean ener
gy by 70 percent. Yes, we have to get rid of
wasteful spending
– and make no mistake, we’re going through every line of
the budget scouring for savings. But we can do that without sacrificing our
future. We can do that while still investing in the technolo
gies that will create
jobs and allow the United States to lead the world in new industries. That’s
how we’ll not only reduce the deficit, but also lower our dependence on
foreign oil, grow the economy, and leave for our children a safer planet. And
that’s
what our mission has to be.
Thanks for listening, and have a great weekend.
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