Calling the $1.40 jump in gas prices over the past 18 months a "tax increase on the working people", the president chided Congress for not taking action:
"Members of Congress have been vocal about foreign governments increasing their oil production; yet Congress has been just as vocal in opposition to efforts to expand our production here at home."
Responding to a question about higher food prices, the president told reporters that "85 percent of the world's food prices are caused by weather, increased demand and energy prices".
The president also said that surging price of gasoline will spur more investment in ethanol as an alternative energy source.
"And the truth of the matter is it's in our national interests that our farmers grow energy, as opposed to us purchasing energy from parts of the world that are unstable or may not like us."Indeed, Mr. President. Oil's high price impact has driven up inflation for food, devastated our domestic aviation industry, impacted small businesses the worst, and just about everything else.
Numerous reports have shown that the high price of energy, not corn ethanol, has made the devastating impact of prices, including:
campaign to destroy the biofuels industry while enriching their own pockets will bring additional misery to millions of Americans. Higher energy costs--with no alternative--means high prices with no end in sight.
- Inflation Surges Due to High Fuel Prices
- We've Got to Ge Off Oil
- Oil Prices Expected to Ripple Through Economy
- Reduce Our Dependence on Oil
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