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kpete Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 05:15 PM
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Obama Calls for End of Oil Subsidies
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Edited on Fri May-06-11 05:16 PM by kpete
Source: New York Times

May 6, 2011, 3:58 PM
Obama Calls for End of Oil Subsidies
By MARK LANDLER

With gasoline prices still hovering above $4 a gallon, President Obama renewed his call on Friday to close tax loopholes for large oil companies, declaring, If youre already paying them at the gas pump, we dont need to pay them through the tax code.


Stephen Crowley/The New York Times

President Obama toured Allison Transmission in Indianapolis to showcase energy-efficient technologies.
Mr. Obama traveled to Indiana to visit a company that makes hybrid vehicle transmissions to showcase his administrations commitment to fuel-efficient and clean-energy technologies. But he also took aim at the oil industry as the key beneficiary of the nations ravenous appetite for energy.

Over the last five years, Mr. Obama said, the five largest oil companies each earned between $75 billion and $125 billion. An array of tax breaks for the industry, he said, cost American taxpayers $5 billion annually. The president, calling these loopholes unwarranted subsidies, said the money should be redirected to investments in clean energy.

Mr. Obama offered a familiar list of incentives to draw people away from gas-guzzling vehicles, including a $75 tax rebate for those who buy electric vehicles. And he reiterated his goal that the federal governments vast fleet of vehicles use fuel-efficient, clean-energy technologies by 2015.

Read more: http://thecaucus.blogs.nytimes.com/2011/05/06/obama-cal... /
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