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President Obama:
After the worst recession
since the Great Depression,
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our economy is growing again,
and we've gained almost
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2 million private sector
jobs over the last 13 months.
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But I also know that a lot of
folks aren't feeling as positive
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as some of those
statistics might suggest.
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It's still too
hard to find a job.
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And even if you have a job,
chances are you're having a
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tougher time paying the rising
costs of everything from
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groceries to gas.
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In some places, gas is
now more than $4 a gallon,
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meaning that you could be paying upwards
of $50 or $60 to fill up your tank.
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Of course, while rising gas
prices mean real pain for our
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families at the pump, they also mean
bigger profits for oil companies.
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This week, the largest oil
companies announced that they'd
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made more than $25 billion in
the first few months of 2011 --
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up about 30% from last year.
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Now, I don't have any problem
with any company or industry
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being rewarded
for their success.
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The incentive of healthy profits
is what fuels entrepreneurialism
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and helps drive our
economy forward.
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But I do have a problem with
unwarranted taxpayer subsidies
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that we've been handing out
to oil and gas companies --
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to the tune of $4
billion a year.
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When oil companies are
making huge profits already,
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and you're struggling
at the pump,
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and we're scouring the federal
budget for spending we can
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afford to do without, these
tax giveaways aren't right.
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They aren't smart.
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And we need to end them.
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That's why, earlier this week, I
renewed my call to Congress to
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stop subsidizing the
oil and gas industries.
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Understand, I'm not
opposed to producing oil.
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I believe that if we're serious
about meeting our energy
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challenge, we need to
operate on all cylinders,
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and that means pursuing a
broad range of energy policies,
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including safe and a responsible
oil production here at home.
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In fact, last year, America's
oil production reached its
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highest level since 2003.
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But I also believe that instead
of subsidizing yesterday's
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energy, we should
invest in tomorrow's --
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and that's what
we've been doing.
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Already, we've seen how the
investments we're making in
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clean energy can lead to new
jobs and new businesses.
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I've seen some of them myself --
small businesses that are making
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the most of solar
and wind power,
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and energy-efficient technologies;
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big companies that are making
fuel-efficient cars and trucks
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part of their vehicle fleets.
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And to promote these
kinds of vehicles,
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we implemented historic
new fuel-economy standards,
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which could save you as
much as $3,000 at the pump.
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Now, I know that in this
tough fiscal environment,
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it's tempting for some in
Washington to want to cut our
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investments in clean energy.
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And I absolutely agree that the
only way we'll be able to afford
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the things we need is if
we cut the things we don't,
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and live within our means.
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But I refuse to cut things like
clean energy that will help
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America win the future by
growing our economy and creating
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good-paying jobs that will
help make America more secure,
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and that will help clean up
our planet in the process.
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An investment in clean energy
today is an investment in a
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better tomorrow.
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And I think that's an
investment worth making.
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Thanks for listening,
and have a great weekend.
