Obama railed against the tax breaks during an address Thursday morning in the Rose Garden.
“Right now, the biggest oil companies are raking in record profits — profits that go up every time folks ... pull into a gas station,” Obama said. “But on top of these record profits, oil companies are also getting billions a year in taxpayer subsidies — a subsidy they’ve enjoyed year after year for the last century. Think about that. It’s like hitting the American people twice. You’re already paying a premium at the pump right now. And on top of that, Congress thinks it’s a good idea to send billions more of your tax dollars to the oil industry?”
Another troubling sign for Republicans: When asked to name the biggest economic problem facing the country today, only 2 in 10 of those surveyed cited the cost of rising fuel prices — up just 1 percent from March 2011, when prices were lower than they are today.
Still, nearly a quarter of Americans say the price of gasoline has caused “severe hardship” for their family — the highest percentage since summer 2008.
GOP front-runner Mitt Romney said last Friday in Louisiana that while he believes gas prices will remain high, he thinks increased drilling in offshore and federally owned lands could help drive down prices.
“Of course, gasoline prices are high, and have stayed high over the years, and I’m not predicting they’re going to go down to $2 a gallon,” Romney said, according to the Huffington Post.
“I mean, I know there are some who think that’s possible — anything’s possible in this world. But I think gasoline prices are going to be high. However, they don’t have to be as high as we’re seeing under this president if we develop our own energy resources and provide them to the refiners.”