“If sustained, these high prices have the potential to slow down the pace of our economy’s growth at precisely the moment when we need to be accelerating it,” Mr. Obama told congressional leaders in a letter released by the White House.
Republicans believe Mr. Obama’s plan would “raise taxes and increase the price at the pump.”
However Republican Speaker of the House John Boehner joined Mr. Obama on Monday to support ending multi-billion dollar tax subsidies to oil companies.
“I was heartened that Speaker Boehner yesterday expressed openness to eliminating these tax subsidies for the oil and gas industry. Our political system has for too long avoided and ignored this important step, and I hope we can come together in a bipartisan manner to get it done,” said Mr. Obama.
What’s causing high gas prices?
“Speculators have used the crisis in the Middle East to inflate the price of oil,” Don Shanker, a political blogger and resident of San Francisco, told Politically Illustrated. “It also doesn’t help when the Fed is printing money like crazy to stabilize the economy.”
“The price of oil isn’t going down anytime soon.”
