Obama reissues call to end oil company tax breaks

As signs show a steady rise — this

As signs show a steady rise — this one at a Gulf station in Holtsville earlier this week — oil company profits soar. Crude was $112.76 a barrel Wednesday. (April 25, 2011) (Credit: Newsday/Thomas A. Ferrara)

WASHINGTON (AP) — President Barack Obama is urging congressional leaders to take steps to repeal oil industry tax breaks, reiterating a call he made in his 2012 budget proposal earlier this year.

The president wrote a letter to the bipartisan congressional leadership on Tuesday, a day after Republican House Speaker John Boehner said he was willing to “take a look at” repealing the
multibillion-dollar tax subsidies enjoyed by the major oil companies.

Boehner’s remarks and Obama’s letter come as public opinion polls show increasing anxiety over rising gas prices.

Boehner on Monday specifically questioned the need for an oil depletion allowance for big producers.

Obama said money obtained from repealing the subsidies — about $4 billion a year — should be spent on clean energy initiatives to reduce dependence on foreign oil.
 

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