Obama: 'Instead Of Subsidizing Yesterday's Energy, We Should Invest In Tomorrow's'
In this weekend's YouTube address, President Obama reiterated his call for an end to subsidies for the oil and gas industries:
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"Understand, I'm not opposed to producing oil," said Obama. "I believe that if we're serious about meeting our energy challenge, we need to operate on all cylinders, and that means pursuing a broad range of energy policies, including safe and responsible oil production here at home. In fact, last year, America's oil production reached its highest level since 2003.
"But I also believe that instead of subsidizing yesterday's energy, we should invest in tomorrow's - and that's what we've been doing. Already, we've seen how the investments we're making in clean energy can lead to new jobs and new businesses. I've seen some of them myself - small businesses that are making the most of solar and wind power, and energy-efficient technologies; big companies that are making fuel-efficient cars and trucks part of their vehicle fleets. And to promote these kinds of vehicles, we implemented historic new fuel-economy standards, which could save you as much as $3,000 at the pump."