He said there are some steps the U.S. can take to improve the situation such as ramping up domestic oil production and ending subsidies for oil and gas firms.Forget the fact people cannot afford gas much longer. It's all about The O.
"That’s $4 billion of your money going to these companies when they’re making record profits and you’re paying near record prices at the pump. It has to stop," Obama said.
"Instead of subsidizing yesterday’s energy sources, we need to invest in tomorrow’s," he added, voicing his opposition to a proposal before Congress that would cut the government's clean energy investments by 70 percent.
Obama also pointed to a Justice Department task force launched Thursday with the sole aim of discovering fraud or manipulation in the oil markets, such as illegal trading or speculators, that may impact prices.
"We’re going to make sure that no one is taking advantage of the American people for their own short-term gain," Obama said.
The president acknowledged the added hardship of rising gas prices while the country is still recovering from a prolonged recession but said there are no quick solutions. Obama suggested Thursday that his lagging poll numbers are due to high gas prices nationwide.
Meanwhile, after burning up over 53,000 gallons of jet fuel on a grueling West Coast fundraising blitz this week, he'll be jetting to Chicago this week to tape an appearance with Oprah Winfrey before heading to New York City for more fundraisers. So remember, keep your tires properly inflated so we can conserve enough fuel for Obama's fundraising jaunts.