Challenging Congress to reduce big oil subsidies, President Barack Obama accused oil companies of gouging American taxpayers at the pump and at tax time:
The oil industry is doing just fine. With record profits and rising production, I’m not worried about the big oil companies. With high oil prices, they’ve got more than enough incentive to produce more. I think it’s time they got by without more help from taxpayers who are having a tough enough time paying their bills and filling up their tanks.
“Instead of taxpayer giveaways to an industry that’s never been more profitable, we should be using that money to double down on investments in clean energy technologies that have never been more promising,” Obama argued, saying that the “future” lies in “wind power and solar power and biofuels; in fuel-efficient cars and trucks and homes and buildings.” He criticized Big OIl’s allies in Congress who choose to defend fossil-fuel subsidies “that keep us trapped in the past” while attacking investment in a clean-energy future.