Energy Crisis

Obama: Americans 'Struggling at the Pump'

Calls for end to tax incentives for oil companies.

As Congress prepares for a huge debate over the oil industry when it returns next week, President Obama addressed the rising gas prices and cutting the $4 billion in federal government subsidies granted to oil companies during his weekly address Saturday. “When oil companies are making huge profits, and you’re struggling at the pump, and we’re scouring the federal budget for spending we can afford to do without, these tax giveaways aren’t right,” the president said. He also called to “invest in tomorrow’s” energy, emphasizing that clean energy can “lead to new jobs and new businesses.” Meanwhile, Oklahoma Rep. James Lankford blamed rising gas prices for “costing jobs and hurting our economy” in the GOP weekly address, and spoke out against cutting the subsidies to oil companies. “The president may think he’s punishing CEOs of big companies, but his plan will hurt the everyday consumer of energy and imperil the jobs of millions of hardworking people in American-based companies," said Lankford.