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President Obama:
Recently, there have been
signs that the economy is
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picking up steam.
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Last month, we saw the strongest
job growth in five years,
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and have added more than
three-quarters of a million
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private sector jobs
in just three months.
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But there are still too many
Americans who are either looking
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for work, or struggling to pay
the bills and make the mortgage.
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Paychecks aren't
getting any bigger,
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but the cost of everything from
groceries to college tuition
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keeps on rising.
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Without a doubt, one of the
biggest burdens over the last
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few months has been
the price of gasoline.
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In many places, gas is
now more than $4 a gallon,
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meaning that you could be
paying more than $60 to fill
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up your tank.
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These spikes in gas prices
are often temporary,
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and while there are no
quick fixes to the problem,
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there are a few steps we should
take that make good sense.
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First, we should make sure that
no one is taking advantage of
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consumers at the pump.
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That's why we've launched a
task force led by the Attorney
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General that has one job:
rooting out cases of fraud or
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manipulation in the markets
that might affect gas prices,
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including any illegal activity
by traders and speculators.
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Second, we should increase safe
and responsible oil production
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here at home.
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Last year, America's oil
production reached its highest
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level since 2003.
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But I believe that we
should continue to expand oil
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production in America -- even
as we increase safety and
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environmental standards.
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To do this, I'm directing
the Department of Interior to
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conduct annual lease sales in
Alaska's National Petroleum
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Reserve, while respecting
sensitive areas,
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and to speed up the evaluation
of oil and gas resources in the
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mid and south Atlantic.
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We plan to lease new areas in
the Gulf of Mexico as well,
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and work to create new
incentives for industry to
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develop their unused leases
both on and offshore.
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We're also taking steps to give
companies time to meet higher
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safety standards when it comes
to exploration and drilling.
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That's why my Administration is
extending drilling leases in
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areas of the Gulf that were
impacted by the temporary
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moratorium, as well as certain
areas off the coast of Alaska.
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And to streamline that
permitting process,
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I'm establishing a new team
to coordinate work on Alaska
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drilling permits.
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Finally, the third step we
should take is to eliminate the
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taxpayer subsidies we give
to oil and gas companies.
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In the last few months, the
biggest oil companies made about
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$4 billion in profits each week.
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And yet, they get $4 billion
in taxpayer subsidies each year.
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$4 billion at a time when
Americans can barely fill
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up their tanks.
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$4 billion at a time when we're
trying to reduce our deficit.
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This isn't fair,
it makes no sense.
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Before I was President, the CEOs
of these companies even admitted
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that the tax subsidies
made no sense.
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Well, next week, there's a vote
in Congress to end these oil
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company giveaways
once and for all.
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And I hope Democrats and
Republicans come together and
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get this done.
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The American people shouldn't be
subsidizing oil companies at a
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time when they're making
near-record profits.
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As a nation, we should be
investing in the clean,
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renewable sources of energy that
are the ultimate solution to
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high gas prices.
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That's why we're investing
in clean energy technology,
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helping businesses that
manufacture solar panels and
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wind turbines, and making sure
that our cars and trucks can go
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further on a tank of gas -- a
step that could save families as
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much as $3,000 at the pump.
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These are investments
worth making --
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investments that
will save us money,
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reduce our dependence
on foreign oil,
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and protect the health
and safety of our planet.
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That's an energy
policy for the future,
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and it's what I'll be
fighting for in the weeks and
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months to come.
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Thanks.
