Friday, May 06, 2011

Obama gets oil tax breaks for end

Friday, May 06, 2011

WASHINGTON, April 26 UPI) - US - President Barack Obama Congress asked Tuesday to end tax breaks for oil and gas companies, current high prices tell them enough incentive given.

The President for "Emergency measures", reported the Washington Post. He cited a comment by House Speaker John Boehner, R-Ohio, news should be interview Monday, this Congress in an ABC "look at the tax subsidies".

The President said there is no "silver bullet" reduce gas prices, but he said "almost $4 billion in unwarranted tax breaks" is money that could be spent to develop alternative energy sources.

Gas sold for an average of $3.87 Tuesday, up about $1 per gallon in the last year, AAA said.

Boehner's Office released a statement that Obama the proposals for the riders would increase the cost of gas.

"The speaker wants to increase the supply of American energy and reduce our dependence on foreign oil, and he is only interested in reforms that lower energy costs and create American jobs," said his spokesman, Brendan buck.

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