President Barack Obama said in a campaign speech Thursday that the reason you are paying a lot more at the gas pump is due not to supply or demand issues, or geopolitics, but because of tax breaks.

“Oil companies are making more money right now than they’ve ever made,” the President said. “On top of the money they’re getting from you at the gas station, they want some of your tax dollars as well. That doesn’t make any sense. Does it make sense? It’s inexcusable. It’s time for this oil industry giveaway to end.”