In a speech earlier today at Nashua Community College in New Hampshire, President Obama urged Congress to immediately eliminate oil industry tax breaks. This sentiment will in all likelihood resonate with voters tired of paying gas prices nearing $4 per gallon, but not with Big Oil’s allies in Congress.
Despite rapidly rebounding profits over the past two years, oil companies have continued to receive unnecessary tax breaks to the tune of $4 billion a year. The Republican House leadership has staunchly supported the tax breaks, even though increasing U.S. oil production and record-high profits to Big Oil prove them unnecessary.
“You can either stand up for the oil companies, or you can stand up for the American people,” Obama said. “You can keep subsidizing a fossil fuel that’s been getting taxpayer dollars for a century, or you can place your bets on a clean energy future.”