Obama sees no magic bullet to push down gas prices

(Reuters) - Barack Obama told Americans on Saturday there is no "magic bullet" to bring down high gasoline prices and said he wants to end what he called $4 billion in taxpayer subsidies to oil and gas companies.


Obama is feeling the heat from gasoline prices that are about $4 a gallon and may surge higher. A New York Times-CBS News poll found that 70 percent of Americans believe the country is on the wrong track and analysts believe gas prices are a main reason.

The president devoted his weekly radio and Internet address to outlining his views on the U.S. energy predicament, saying clean energy is ultimately the way forward for a country long addicted to gas-guzzling vehicles.

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