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Oil Industry Criticizes Obama Budget

15 Feb 2011  |   Damien Shirley

The oil industry has come out swinging against President Obama's budget for the 2012 fiscal year.

Earlier today Jack Gerard, president of the American Petroleum Institute, called the budget proposal " a bad idea" that "comes at one of the worst times in our economic history."

Such criticism isn't surprising--the proposed budget slashes subsidies for the oil industry to the tune of $46.2 billion over the next decade and it invests more than $8 billion in clean energy programs. In addition, as we reported earlier, the President's budget contains plans to make commercial buildings 20% more energy efficient by 2020 and to put 1 million electric vehicles on the road by 2015.

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