Depending on the energy sector, President Obama either hit a home run in his Jan. 24 State of the union address with his commitment to "clean energy" or he set a cautiously optimistic tone for domestic oil and gas development.

American Petroleum Institute President and CEO Jack Gerard reserved some of the harshest criticism for Obama, calling the president's tax plan "something Jimmy Carter would have supported back in the 70s."

"It would raise energy costs, cut energy production, sacrifice jobs and increase imports," Gerard said. "Our industry already pays income taxes at higher effective rates than most other industries."

Obama said it's time to end tax breaks for oil companies.

"We've subsidized oil companies for a century," he said. "That's long enough. It's time to end the taxpayer giveaways to an industry that rarely has been more profitable and double-down on a clean-energy industry that never has been more promising."

The oil industry has countered that it does not receive unique tax credits or deductions. The industry takes advantage of tax laws that allow it to recover costs and be taxed only on net income, according to the American Petroleum Institute.

However, Obama pushed for clean-energy tax credits in his address and called for incentives to spur energy innovation.

Obama said he would direct his administration to allow renewable-energy development on public land that could power 3 million homes.

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