By the Numbers: $4 Billion
07:30 AM EDT
Oil companies receive $4 billion every year in taxpayer-funded subsidies, despite continually bringing in record high profits. Meanwhile, gas prices are on the rise—just like they were this time last year—and the same people funding those subsidies are paying more at the pump for the gas they need to get to school and work.
As the President explained in his weekly address, there are no quick fixes to this problem. But we can develop a strategy to take control of our energy future and avoid gas spike prices down the line.
In his State of the Union, President Obama introduced an all-of-the-above strategy that develops every available source of American-made energy. This includes everything from tapping our offshore oil supplies and vast natural gas reserves, to doubling down on clean energy resources like wind and solar power, to developing new technologies that help us use less energy altogether.
But we need the right incentives in place to help put this strategy in place. Instead of $4 billion in yearly taxpayer-funded subsidies to the oil industry, we should renew tax credits that encourage new investments in clean energy.
Want to know more about President Obama’s blueprint for an America built on homegrown energy? Here’s everything you need to know.