Obama: End Tax Breaks for Big Oil
President Barack Obama says Americans are getting hit twice — once at the gas pump, and once more by sending billions of dollars in tax subsidies to oil companies.
Flanked by dozens of invited guests in the White House's Rose Garden, Obama is again seeking to pressure Congress to end $4 billion in tax subsidies. He says oil companies are pulling in record profits and shouldn't get taxpayer help when that money could be used on alternative energy.
Obama, up for re-election, has sought to align himself with people frustrated by high gas prices. Many congressional Republicans say cutting the tax breaks would lead to higher fuel prices, raising costs on oil companies and affecting their spending on exploration. Obama couldn't end the subsidies when Democrats controlled Congress earlier in his term.