WASHINGTON (AFP) – Taking issue with a Republican budget proposal that calls for steep cuts in energy programs, President Barack Obama said on Saturday that higher gas prices require investments in renewable energy.
In his weekly address, Obama also called again for an end to the $4 billion in tax breaks the oil and gas industry receives each year.
"Instead of subsidizing yesterday's energy sources, we need to invest in tomorrow's," said Obama. "We need to invest in clean, renewable energy. In the long term, that's the answer."
Rising gasoline prices are expected to be a crucial factor in next year's presidential election, and Obama has ramped up his public statements on the issue.
Earlier this week, he pointed the finger at what he called oil "speculators," before announcing the creation of a Department of Justice working group that will probe oil price fraud and speculation.
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