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WASHINGTON – President Barack Obama is calling anew on Congress to end tax subsidies for the oil and gas industry, saying the nation needs to develop alternative sources of energy in the face of rising gasoline prices.
Obama said Saturday in his weekly radio and Internet address that he expected Congress to consider in the next few weeks halting $4 billion in tax subsidies, something he hasn't been able to get through Congress throughout his presidency. He said the vote would put lawmakers on record on whether they "stand up for oil companies" or "stand up for the American people."
"They can either place their bets on a fossil fuel from the last century or they can place their bets on America's future," Obama said.
Industry officials and many Republicans in Congress have argued that cutting the tax breaks would lead to higher fuel prices, raising costs on oil companies and affecting their investments in exploration and production. The measure is considered a long shot in Congress, given that Obama couldn't end the subsidies when Democrats controlled Congress earlier in his term.
Originally posted by Carseller4
Obama only likes to subsidized failed energy projects (like Soyndra), and wants gas prices to skyrocket to help them.
He thinks that if gas prices get too high, people will demand alternatives. But in reality, people will demand that he leave office.
Originally posted by buster2010
Why should they get subsidies? They have been ripping off the public for decades and making record profits while doing it. Not to mention some of them pay next to nothing in taxes anyway.
Originally posted by Q:1984A:1776
reply to post by xuenchen
First of all, let me say, I despise Obama. I've seen the man commit atrocities against this nation and the world. That being said, I still can't believe how your hatred for the man could blind you to the fact that ending subsidies is the right thing to do. You can't have a free market when Big Government favors a select few corporations.
Originally posted by xuenchen