Obama, GOP Spar Over Gas Prices

The president wants to repeal oil tax subsidies.

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With gas prices continuing to rise, President Obama and House Republicans traded shots yesterday over energy policy. After House Speaker John Boehner told reporters that oil companies should be "paying their fair share," Obama pressed the GOP on an issue they had previously rebuffed--repealing billions of dollars in oil tax subsidies. In a letter to Boehner and other Congressional leaders, Obama called the tax breaks "unwarranted" and "wasteful," and said that if the revenue was redirected to clean energy it could reduce dependence on foreign oil. Congressional Democrats called on Republicans to schedule a vote on repealing the tax breaks next week, which isn't likely considering the Republican opposition to the repeal. [See a slide show of the 10 states with the highest energy use.]

Republicans countered that Obama's energy policies were stifling American production, and promoted legislation to increase domestic oil drilling.