30 3 / 2012

March 29, 2012

Speaking in the Rose Garden, President Barack Obama challenged Congress to cut $24 billion in tax breaks for big oil companies and instead invest that money in clean energy technology.

"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.”

Read more here.

Posted via email from Cynthia’s News Posterous | Comment »