Photo: White House Video

US President Barack Obama delivers his weekly address

U.S. President Barack Obama says it is time to end the $4 billion subsidies for oil and gas companies and invest in energy independence for the United States.

During his weekly address Saturday, Obama said investing in clean renewable energy sources is one way to combat rising gas prices straining family budgets.   He said he disagrees with a congressional proposal that cuts investments in clean energy by 70 percent to lower the deficit.

Obama also called for the United States to continue safe, responsible domestic oil production.  

He said the U.S. attorney general has launched a task force to root out fraud and manipulation of oil markets.