Obama: $5 Gas No Threat To National Security

LOS ANGELES (CBS) — As gas prices in the Southland soar toward the $5 mark, the White House says it’s time for the U.S. to kick the fossil fuel habit but it won’t tap the nation’s oil reserves to ease withdrawal pains.

KNX 1070’s Jon Baird reports President Barack Obama is eyeing a plan to cut billions of dollars in subsidies to oil and gas firms.

The president has said he supports a sustainable, long-term effort to develop alternatives to fossil fuel in addition to slashing $4 billion in oil and gas subsidies.

White House west wing correspondent Paul Brandus says one thing the president won’t do to bring down prices is tap the country’s oil reserves.

“The president says that’s for a true national emergency,” said Brandus. “He doesn’t see $4 gas or $5 gas as a threat to national security.”

Brandus reports the president also may try to limit the role of speculators in fueling high oil prices.

Drivers, meanwhile, continue to feel more pain at the pump as gas prices have spiked to an average of $4.23 per gallon in the Los Angeles / Long Beach region.

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

Comments

One Comment

  1. Corrupt US Government says:

    High Gas prices is a result of Corrupt US Government.

    China bid $20 Billions for Unocal 76, and Chevron’s bid was $18 Billions, US Government awarded the sale to Chevron for $18 Billions.

    Imagine if China won the bid? There would’ve been a bunch of 99 Cents & Dollar Tree Gas stations in USA today.

  2. Bluesguitar777 says:

    ugh… of course it’s not a threat. It’s all part of the POTUS’ and George Soros’ plan. Have gas and other commodities/essentials skyrocket, sink the economy, destroy the dollar all to allow reform which gives them complete control.

    Wake up people, the Gov’t doesn’t care about you. They only want more power and more money. Freedom is becoming extinct!

  3. Middle Class Gets Screew Again! says:

    US Government need to somehow pay for this unpopular war & this is a good way to do it. Jack up the price of GAS & all else will follow..

    Corrupt Government made $$$ by collecting taxes off these GAS station profits/bottom line and all else prices that went up as a result.

  4. TT says:

    i only saw 1 brief news article on this about a year ago – But did anybody see the news report when OPEC asked permission to produce less oil ? So they could raise the prices?

  5. ILLEGALS says:

    Reason why US won’t allow China in the OIL Market because China buys it’s OIL from ENEMIES of the USA. China buys it’s OIL from Libya, IRAN, Venezuela, Iraq, USSR, etc.. Allowing China in the OIL market in the USA means Brittish BP, & other US alllies will lose big in OIL PROFITS.

  6. ANTHRAX WAS MADE IN USA, THERE'S NO WEAPONS OF MASS DESTRUCTION IN IRAQ says:

    “NO THREAT TO NATIONAL SECURITY”

    TRANSLATION: “US CITIZENS ARE TOO CHICKEN TO STAGE A REVOLUTION AGAINST THE GOVERNMENT LIKE WHAT US CIAs DOING TO OTHER COUNTRIES OVERSEAS SUCH AS EGYPT, LIBYA, IVORY COAST, YEMEN, SYRIA, IRAG, AFGHANISTAN, ETC..”

  7. douglas Zellman says:

    What is everyone so surprised about. Al Gore said years ago they had to inflate the price of oil to $ 5.00 a gallon so people would not buy it. Well the Democrats are finally getting there. The Republicans want to use our own oil to help our economy .What do we do? We give the oil drilling to Brazil smart move Obama

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