Gas prices rising, Barack Obama fuming

U.S. Gas Prices Still Rising

As gas prices continue to rise unabatedly, U.S. President Barack Obama slammed oil companies for raking in more profits at the expense of cash-strapped Americans still reeling from the effects of the recession.

The current rhetoric of Obama reflects the urgency by which he needs to turn around the unfavorable rise in gas prices ahead of his re-election campaign.

On Tuesday, he pressed Congressional leaders to slash $4 billion in tax subsidies enjoyed by oil and gas firms and to re-channel funds to clean energy initiatives domestically to reduce dependence on foreign oil.

In a radio interview, Obama lamented about the continued rise in gas prices.

"We have got a real problem. Families day-to-day, they are driving to work. They are just watching their paychecks get whittled away," he said. "They need some relief."

But Senate Republican minority leader Mitch McConnell is unconvinced, saying that what Obama wants will drive up gas prices even higher and discourage domestic drilling.

Expectedly, the oil companies have said that if present tax breaks are withdrawn, many jobs will be lost, worsening the high unemployment figures.

Oil firms are about to release bullish results for the preceding quarter showing some hefty profits at a time when many Americans struggle with rising gas prices.

Obama's re-election bid will be seriously hit if current gas prices continue to rise and slow down economic recovery.

His approval rating has fallen to 47 percent in a poll this month conducted by ABC News and the Washington Post, with seven in ten Americans blaming rising gas prices for their current financial difficulties.

Posted by Sophia Andrews on Wednesday April 27 2011, 6:19 AM EST. Ref: Inquirer. All trademarks acknowledged. Filed under Featured News, Travel. Comments and Trackbacks closed. Follow responses: RSS 2.0