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Stand for Big Oil, or Stand for the American People

19 Mar 2012  |   Lea Brumfield

With national news focused on gas prices, President Obama again urged Congress to stop subsidizing the nation’s richest oil companies and instead invest in cleaner, more stable sources of energy.

In his weekly address to the nation, Obama challenged lawmakers to go on record on the issue of the $4 billion in oil and gas subsidies every year, saying:

“They can either  stand up for oil companies, or they can stand up for the American people.”

The President’s increased call to end subsidies to Big Oil comes after a year of strong profits in the industry, with the five biggest oil companies –BP, Chevron, ConocoPhillips, ExxonMobil, and Shell –reporting $137 billion in profits in 2011.

 

Read the transcript of the address at whitehouse.gov.



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