Obama Calls For An End To $4 Billion Oil Industry Subsidies

Obama has proposed that Congress should kill tax breaks for the oil and gas industry … again. He failed to end the subsidies when the Democrats controlled congress, so it is unlikely he will have any more success persuading Republicans, who fear that the loss of the tax breaks will lead to even higher fuel prices. Tax subsidies for oil and gas companies amount to about $4 billion and Obama hopes that this money could instead be used to develop alternative energy sources. He said that the vote will prove whether congress will “stand…

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