Today in New Hampshire, President Obama renewed his call to repeal the $4 billion in subsidies that taxpayers provide the oil industry each year and said there’s only one real path forward for America’s future — an all of the above approach that develops every source of energy available to us.
So when it comes to oil production, under my administration, America is producing more oil today than at any time in the last eight years. That is a fact … Under my administration, we have a near-record number of oil rigs operating right now — more working oil and gas rigs than the rest of the world combined. Think about that.
Oil “companies are making record profits right now — tens of billions of dollars a year. Every time you go to the gas tank or fill up your gas tank, they’re making money. Every time. Now, does anyone really think that Congress should give them another $4 billion this year? Of course not. It’s outrageous. It’s inexcusable. And I am asking Congress — eliminate this oil industry giveaway right away. I want them to vote on this in the next few weeks.” President Obama, March 01, 2012.