Obama: End tax breaks for oil companies

by
March 18, 2012

By Dave Boyer-The Washington Times

President Obama said Saturday he can’t do much to lower gas prices, and renewed his call for Congress to end tax breaks for oil companies.

“The truth is, the price of gas depends on a lot of factors that are often beyond our control,” Mr. Obama said in his weekly address. “Unrest in the Middle East can tighten global oil supply. Growing nations like China or India adding cars to the road increases demand.”

The president didn’t mention one of the few direct actions he could take to try to lower gas prices in the short term — releasing oil from the U.S. Strategic Petroleum Reserve.

Mr. Obama called for that solution as a candidate in 2008 when gasoline prices neared $4 per gallon, and he reportedly discussed the option earlier this week with British Prime Minister David Cameron.

Instead, Mr. Obama said his administration is cracking down on oil profits — on traders who “distort the price of oil, and make big profits for themselves at your expense.” And he called on Congress again to eliminate $4 billion in annual tax breaks for oil companies.

“Your member of Congress should be fighting for you,” Mr. Obama said. “Not for big financial firms. Not for big oil companies.”

To read more, visit:  http://www.washingtontimes.com/news/2012/mar/17/obama-end-tax-breaks-oil-companies/

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