31 Dec '11, 4pm

Obama's Call for an End to Oil Subsidies

To make cuts in American government spending the President has onceagain proposed ending oil subsidies. On Wednesday June 29, PresidentBarack Obama, indicated that it reasonable to expect oil and gascompanies that “have done so well” in the current economy to give upsome breaks to help close federal deficits. “I don’t think that’s realradical,” he said. In response to calls to end oil subsidies,Jack Gerard, president of the American Petroleum Institute, toldWashington Wire, rather than cutting subsidies or raising taxes on theoil and gas industry, America should increase their exploitation ofdomestic petroleum resources. The industry has been pushing formore production in places such as the Gulf of Mexico and Alaska. Big Oil is seemingly oblivious to the environmental costs. These risks areparticularly great as they apply to offshore oil. Last summer wewitnessed a massive ...

Full article: http://www.solarfeeds.com/obamas-call-for-an-end-to-oil-s...

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