White House continues focus on gas prices

The White House continued its recent focus on high gas prices on Monday, as White House Press Secretary Jay Carney declared Americans “would be appalled to learn that major oil companies and gas companies will be announcing record profits this week.”

The Obama administration, aware that high prices at the pump are dragging down the president’s approval ratings, has repeatedly noted its concerns about gas prices, even last week creating a task force to look into potential price-gouging.

“It’s good for American companies to have profit,” Carney said at a Monday White House briefing. “What is not necessary is for the taxpayers to subsidize companies that are experiencing those kind of record or substantial profits, and especially when we can’t afford it.”

The tax code includes $4 billion in exemptions and tax breaks for oil and gas companies, which Obama has long said he would seek to eliminate. Republicans have said the White House should improve its efforts in encouraging more domestic oil production.

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