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.
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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.
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