President Barack Obama says one answer to high gasoline prices is to spend money developing renewabl
(20 May 2011) HEADLINE (48 characters): Obama weekly address: No silver bullet for gas prices CAPTION: (255 characters): President Barack Obama says one answer to high gasoline prices is to spend money developing renewable energy sources. (April 23) President Barack Obama 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 important 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 few 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 production 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 and 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 Republicans 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. Thanks for listening, and have a great weekend. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: / ap_archive Facebook: / aparchives Instagram: / apnews You can license this story through AP Archive: http://www.aparchive.com/metadata/you...
