The high cost of oil has forced President Obama to review the oil production policy of the country by increasing the volume of oil production. It is apparent that Americans are frustrated with the increasing cost of oil.
The oil drilling companies have also attacked the government oil drilling policy. The president said in his weekly address to the country that he is setting up a committee to investigate the cause of the skyrocketing oil prices.
The committee to determine it is as a result of any manipulation or fraud. The price of gasoline has gone up to $4 a gallon. He is therefore calling for the elimination of the subsidies that are currently enjoyed by the oil producing companies.
There is a debate going on in the congress over the new direction of the country’s oil policy. The Democratic Party is proposing annual tax breaks of $2billion for the five big oil producing companies in the country. This is a legislation that is opposed by the Republican Party.
The US president said that the oil production in the country has reached its highest level in the country since 2003. The president said that there is the need to increase the oil production in the country and raise the level of environmental standard and safety in the country.