U.S. President Barack Obama renewed his appeal to end USD 4 billion in oil and gas subsidies, as the price of petroleum inches higher at the pump. Speaking at a townhall meeting in New Hampshire, Obama called the federal subsidies "outrageous" but cautioned voters there is no "silver bullet" to lower the climbing gas prices, only a long-term "all-of-the-above" strategy for new energy development. Part of the new strategy includes increasing domestic oil and gas production, fuel efficiency and conservation and development of new sustainable energy sources, such as bio-fuel.
"Let's put every single member of Congress on record: you can stand with oil companies or you can stand up for the American people," Obama said. Republican presidential contenders and GOP leaders in Congress denounced the idea and called on Obama to take further steps to expand oil production in the United States.
