Obama Calls on Congress to Repeal Gas, Oil Tax Provisions

The president wants lawmakers to hold a vote this month as he dodges tough questions from Republicans about soaring pump prices.

March 05, 2012

WASHINGTON, D.C. -- On Thursday, President Barack Obama urged Congress to hold a vote soon on nixing tax provisions for gas and oil companies, FuelFix.com reports. The president€™s remarks came as pump prices continue to inch upwards and Republicans questioned his handling of the situation.

"I want them to vote on this in the next few weeks," Obama said before a group in Nashua, N.H. "Let€™s put every single member of Congress on record. You can stand with the oil companies, or you can stand up for the American people. You can keep subsidizing a fossil fuel that€™s been getting taxpayer dollars for a century, or you can place your bets on a clean-energy future."

The president told the crowd that while "there are no short-term silver bullets" to stem the rise in gasoline prices, his administration was working on finding ways to help consumers. However, analysts pointed out that presidents really can have little impact on reducing pump prices because of the factors that go into the price of gasoline, including crude oil costs, refinery capabilities and transportation costs.

But Republicans have hammered the president for his proposals relating to the gas-and-oil industry, especially since gasoline prices are twice what the 2009 prices when Obama was sworn in. "Hiking costs on the industry that provides our nation with affordable energy is ridiculous," said Rep. Pete Olson (R-TX), who€™s a member of the House Energy and Commerce Committee.

Analysts said that long-term solutions should be considered as ways to up domestic production, such as expanding offshore drilling and marketing shale oil production on federal lands. "All of those influence long-term supply dynamics," said John Eichberger, NACS vice president of government relations.

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