THE PRESIDENT:  …

Today, members of Congress have a simple choice to make:  They can stand with the big oil companies, or they can stand with the American people.

Right now, the biggest oil companies are raking in record profits –- profits that go up every time folks pull up into a gas station.  But on top of these record profits, oil companies are also getting billions a year — billions a year in taxpayer subsidies -– a subsidy that they’ve enjoyed year after year for the last century.

Think about that.  It’s like hitting the American people twice.  You’re already paying a premium at the pump right now.  And on top of that, Congress, up until this point, has thought it was a good idea to send billions of dollars more in tax dollars to the oil industry.

It’s not as if these companies can’t stand on their own.  Last year, the three biggest U.S. oil companies took home more than $80 billion in profits.  Exxon pocketed nearly $4.7 million every hour.  And when the price of oil goes up, prices at the pump go up, and so do these companies’ profits.  In fact, one analysis shows that every time gas goes up by a penny, these companies usually pocket another $200 million in quarterly profits.  Meanwhile, these companies pay a lower tax rate than most other companies on their investments, partly because we’re giving them billions in tax giveaways every year…

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 — investments in wind power and solar power and biofuels; investments in fuel-efficient cars and trucks, and energy-efficient homes and buildings.  That’s the future.  That’s the only way we’re going to break this cycle of high gas prices that happen year after year after year.  …

I don’t want folks like these back here and the folks in front of me to have to pay more at the pump every time that there’s some unrest in the Middle East and oil speculators get nervous about whether there’s going to be enough supply.  I don’t want our kids to be held hostage to events on the other side of the world.

I want us to control our own destiny.  I want us to forge our own future.  And that’s why, as long as I’m President, America is going to pursue an all-of-the-above energy strategy, which means we will continue developing our oil and gas resources in a robust and responsible way.  But it also means that we’re going to keep developing more advanced homegrown biofuels, the kinds that are already powering truck fleets across America.

We’re going to keep investing in clean energy like the wind power and solar power that’s already lighting thousands of homes and creating thousands of jobs.  We’re going to keep manufacturing more cars and trucks to get more miles to the gallon so that you can fill up once every two weeks instead of every week.  We’re going to keep building more homes and businesses that waste less energy so that you’re in charge of your own energy bills.

We’re going to do all of this by harnessing our most inexhaustible resource:  American ingenuity and American imagination.  That’s what we need to keep going.  That’s what’s at stake right now.  That’s the choice that we face.  And that’s the choice that’s facing Congress today.  They can either vote to spend billions of dollars more in oil subsidies that keep us trapped in the past, or they can vote to end these taxpayer subsidies that aren’t needed to boost oil production so that we can invest in the future.  It’s that simple. …

Read complete speech here

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