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Oil & Gas

President Obama Keeps Up Push to End Gas, Oil Tax Breaks

May 02, 2011
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President Barack Obama says oil companies are profiting from rising pump prices and he wants Congress to end $4 billion in annual tax breaks for the oil and gas industry, according to the Associated Press. Drivers in 22 states are paying more than the national average of $3.91 per gallon. In Alaska, California and Connecticut, it''s $4.20 or more. The price jump has slowed economic growth and hurt Obama''s public approval ratings. Exxon Mobil Corp. this week reported nearly $11 billion in profits for the first quarter of this year. Competitors also had huge gains. The president said money recouped from ending the oil and gas tax subsidies should go to new energy resources and research. He said he refuses to cut spending on clean energy initiatives.

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