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Obama to Congress: Kill oil industry’s tax breaks

Posted: March 17, 2012 - 8:25am

WASHINGTON (AP) — Pump prices on his mind, President Barack Obama says Congress should kill tax breaks for the oil and gas industry and help develop alternative sources of energy.

Obama said Saturday in his weekly radio and Internet address that he expected Congress to consider in the next few weeks ending $4 billion in tax subsidies, a move he has failed to persuade lawmakers to make during his term. He said the vote would put them on record on whether they “stand up for oil companies” or “stand up for the American people.”

“They can either place their bets on a fossil fuel from the last century or they can place their bets on America’s future,” Obama said.

Industry officials and many Republicans in Congress contend that cutting the tax breaks would lead to higher fuel prices, raising costs on oil companies and affecting their investments in exploration and production. The measure is considered a long shot, given that Obama couldn’t end the subsidies when Democrats controlled Congress earlier in his term.

Republican presidential candidates have accused Obama of delaying drilling for oil in the Gulf of Mexico and in a national wildlife refuge in Alaska and faulted him for not advancing the Keystone XL oil pipeline from Canada to Texas Gulf Coast refineries. They have also criticized policies pursued by the Environmental Protection Agency as inhibiting energy development.

Obama said there is no quick fix to high gas prices, which climbed to $3.83 on Friday according to AAA, but he pushed back against critics who say he is opposed to more drilling. He said the U.S. is producing more oil than at any time in the past eight years and has quadrupled the number of operating oil rigs.

“If we’re truly going to make sure we’re not at the mercy of spikes in gas prices every year, the answer isn’t just to drill more — because we’re already drilling more,” Obama said. He said his administration was trying to develop wind and solar power, biofuels and usher in more fuel-efficient vehicles to make the nation less dependent on oil.

In the weekly Republican address, Rep. Cory Gardner, R-Colo., said his constituents have been hard hit by an increase in gasoline prices and were “fed up with the way the president is handling this issue, and rightfully so. The most forceful thing the president has done about high gas prices is try to explain that he’s against them.”

Gardner said the $800 billion stimulus spending sought by Obama promoted energy companies that went bankrupt, wasting taxpayer money.

“After spending money we don’t have on what won’t work — and overregulating what would — is it any wonder gas prices have more than doubled on the president’s watch? Make no mistake, high gas prices are a symptom of his failed ‘stimulus’ policies,” Gardner said.

Obama is expected to keep up a drumbeat on energy this week, traveling to four states over two days to push his administration’s “all of the above” energy strategy. The trip includes stops in Nevada, New Mexico, Oklahoma and Ohio.


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beaverlooper 03/30/12 - 08:40 pm
Exxon #2.

Guess what? petrochina has surpassed exxon as the worlds largest producer of oil.

kenai_kid 03/31/12 - 08:45 am
Exxon #17

Petro-Cina is nowhere near #1 in production, but they do out produce Exxon. PetroChina is #13, Exxon is #17

kenai_kid 03/31/12 - 08:42 am
Exxon #17

Petro-Cina is nowhere near #1 in production, but they do out produce Exxon. PetroChina is #13, Exxon is #17

Watchman on the Wall
Watchman on the Wall 03/31/12 - 11:57 am
OOPS! Obama has Threatened

OOPS! Obama has Threatened Economic Sanctions against EVERY Nation that purchases Iranian oil, even Americas allies & trade partners. Obama says that the World has enough Oil to survive with out any increase in prices at the pumps from Global Economic Sanctions against Iran.
Could the Chosen One be correct or not? Time will tell as it always does i guess, so we wait for the ax to fall and wonder if we can survive the coming skyrocketing prices for everything, with Food prices the most to worry about, especially in far off Alaska which imports almost ALL of OUR foords from the lower 48 and beyond.

Whats next with these Economic Sanctions? Will they soon ingulf every single person individually with economic sanctions if we refuse to accept the Chosen Ones desire for Global control, a supposed Good for ALL thingy?
Whats next if we refuse the Big Oils threats of going out of business in the oil market for Alaskans for not lowering the taxes for them?
Isn't it funny or strange who almost at the exact time Big Oil & Prez. Obama come out with TWO differant words of advice on Big Oil & tax relief?
Whats next in this game of do as we wish or else?

Jerry Baty
Jeremiah 6:17

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