By Dave Boyer-The Washington Times
President Obama said Saturday he canâ€™t do much to lower gas prices, and renewed his call for Congress to end tax breaks for oil companies.
â€œThe truth is, the price of gas depends on a lot of factors that are often beyond our control,â€ Mr. Obama said in his weekly address. â€œUnrest in the Middle East can tighten global oil supply. Growing nations like China or India adding cars to the road increases demand.â€
The president didnâ€™t mention one of the few direct actions he could take to try to lower gas prices in the short term â€” releasing oil from the U.S. Strategic Petroleum Reserve.
Mr. Obama called for that solution as a candidate in 2008 when gasoline prices neared $4 per gallon, and he reportedly discussed the option earlier this week with British Prime Minister David Cameron.
Instead, Mr. Obama said his administration is cracking down on oil profits â€” on traders who â€œdistort the price of oil, and make big profits for themselves at your expense.â€ And he called on Congress again to eliminate $4 billion in annual tax breaks for oil companies.
â€œYour member of Congress should be fighting for you,â€ Mr. Obama said. â€œNot for big financial firms. Not for big oil companies.â€
To read more, visit: Â http://www.washingtontimes.com/news/2012/mar/17/obama-end-tax-breaks-oil-companies/
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