05 Jul '11, 12am

Obama's Call for an End to Oil Subsidies

To make cuts in American government spending the President has once again proposed ending oil subsidies. On Wednesday June 29, President Barack Obama, indicated that it reasonable to expect oil and gas companies that “have done so well” in the current economy to give up some breaks to help close federal deficits. “I don’t think that’s real radical,” he said. In response to calls to end oil subsidies, Jack Gerard, president of the American Petroleum Institute, told Washington Wire, rather than cutting subsidies or raising taxes on the oil and gas industry, America should increase their exploitation of domestic petroleum resources. The industry has been pushing for more production in places such as the Gulf of Mexico and Alaska. Big Oil is seemingly oblivious to the environmental costs. These risks are particularly great as they apply to offshore oil. Last summer we witnesse...

Full article: http://www.solarfeeds.com/the-green-market-blog/17429-oba...

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