President Barack Obama said proposals in Congress to cut investments in clean energy technology would hurt efforts to stem rising gasoline prices, which climbed to a 33-month high April 21.
In his weekly radio and Internet address, Obama said while “there’s no silver bullet that can bring down gas prices right away” increasing U.S. oil production, investing in clean, renewable energy, and ending $4 billion in taxpayer subsidies to oil and gas companies each year will help curtail rising gas prices.
Obama said in the address that he disagrees with a Republican proposal in Congress to reduce clean energy investments. House Budget Committee Chairman Rep. Paul Ryan of Wisconsinproposed a 70 percent cut to clean energy programs in the Republican budget plan released April 5.
Senate Minority leader Mitch McConnell, a Kentucky Republican, said the Obama administration has unleashed “a war on American energy,” in a statement yesterday. The administration has limited drilling in the U.S. and pushed for more regulations that would raise energy costs for U.S. businesses, he said.
In the Republican address U.S. Senator Mike Johanns of Nebraska said in order to get the nation’s “economic engine firing on all cylinders” there should be less government regulation, which he said “holds businesses back.”
“Our small businesses, when free to grow and prosper, need more and more employees to sustain that success,” he said. “That’s job creation.”
The U.S. government should get out of the way of free enterprise, Johanns said, citing widespread criticism of a tax- compliance mandate in last year’s health-care law, dubbed 1099 for the tax changes it would have required. Johanns said the mandate, which would have required companies to report more transactions to the Internal Revenue Service, created more “red tape” for the nation’s businesses. The president signed the repeal on April 14.