This blog post answers a question I've been wondering for some time.
Obama is blaming oil companies and "speculators" for high oil prices. Meanwhile, the government, on average, confiscates 48 cents in taxes per gallon of gasoline. Exxon, for example, makes 2 cents per gallon of gasoline. In other words, the government makes 24 times, or 2,400% more per gallon of gas than Exxon.
But according to Obama, the way to punish these greedy oil companies is to eliminate subsidies. Look, I'd like to end ALL government subsidies, but if they're talking about eliminating tax deductions used for oil exploration, that's not a subsidy. That's simply allowing a company to keep more of the profits it actually earned. And to take Exxon's money and give it away in subsidies to "green energy" startups is simply wrong.
But more important to a lot of people is that increasing the cost of business for oil companies will not lower the cost of gasoline. Eliminating reckless money printing by the Fed, bureaucratic regulation, and high taxes will.