World

Obama To The Oil Industry: No More Subsidies

Even though there’s not an official reason why the gas prices are on the raise, president Barack Obama has a strategy in mind that will wreak havoc in the oil industry if the Congress gives its consent. Obama’s one on one battle with the oil industry starts with halting the subsidies.

Obama’s Saturday weekly radio and Internet address reiterated his request for the Congress to halt the subsidies the oil industry has been enjoying for so long. Earlier this month Obama asked the Congress to vote on the matter in the next few weeks, putting at pressure each of its members. “You can stand with oil companies, or you can stand with the American people”, he said. “You can keep subsidizing a a fossil fuel that’s been getting taxpayer dollars for a century, or you can place your bets on a clean energy future”.

The oil industry is receiving subsidies worth $4 billion, yet the gas prices are constantly on the raise. Obviously, oil industry officials accompanied by a significant portion of the Republicans present in the Congress dismissed Obama’s proposal saying that in the end halting the subsidies will result in even higher gas prices.

Although many think the president’s latest proposal is a long shot, what they’re missing is that Obama isn’t particularly interested in getting the oil industry to drop prices. In fact, he seems quite determined to throw his full support at green energy rather than having to deal anymore with the fossil fuel producers.

“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” explained Obama.

This Friday, gas prices reached $3.83. Meanwhile Republicans continue to fail to address the elephant in the room, and instead are slashing at Obama with each chance they have. The president’s request for the Congress to halt the $4 billion oil industry subsidies was highly unapproved by Republicans.

Cory Gardner argued in his weekly Republican address that Obama’s request is nothing but a full waste of taxpayers’ money. He pointed out that Obama’s focus on renewable energy means throwing $800 billion at companies that are bankrupt and added that “high gas prices are a symptom of his failed stimulus policies”.

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Ronald Silva is one of our newest publishers.He currently lives in Toronto (Canada) with his family.Ronald covers the music and sports sections of DailyGossip.org. Over the past few years, Ronald has participated in various journalistic projects including some of which he started when he worked for a local newspaper in Toronto. Contact him at Ronald.Silva@dailygossip.org.

1 Comment

  1. It is the on going loose/loose choice US politicians constantly give tax payers: subsidize this or that corporate interest & continue paying for higher energy costs (fuel, gas, electric, etc.). Vote for Tweedle Dee or Tweedle Dumb and watch jobs still go abroad. After all, we get the best politicians that superpack money can buy! Its not quantum physics! Just follow Germany’s way of doing business & running a country!

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