In conversation with the Americans on Saturday, President Barack Obama said that he does not have any “magic bullet” that can bring down the soaring gas prices. He also said that he wanted to bring an end to the payment of USD 4 billion in taxpayer subsidies to oil and gas companies.

Obama is facing the heating effects of soaring gasoline prices which have shot up to USD 4 a gallon and can even rise more. According to a New York Times-CBS News poll, around 70% Americans believe that their economy is travelling on the wrong path and analysts say that the reason to this poll is accelerating gas prices.

Obama used weekly radio and Internet to address his views to Americans regarding US energy predicament also adding that the right approach for the country is to use clean energy.

Obama said, “Now, whenever gas prices shoot up, like clockwork, you see politicians racing to the cameras, waving three-point plans for USD 2 gas. You see people trying to grab headlines or score a few points. The truth is there’s no silver bullet that can bring down gas prices right away.”

He added, “That’s USD 4 billion of your money going to these companies when they’re making record profits and you’re paying near record prices at the pump. It has to stop.”