Obama asks Congress to abolish tax breaks for oil companies
April 27th, 2011 - 11:48 am ICT by IANS
Washington, April 27 (IANS/EFE) President Barack Obama Tuesday proposed to Congress the abolition of tax breaks enjoyed by the petroleum sector and using that money to develop clean sources of energy.
High gas prices “are weighing on the minds and pocketbooks of every American family”, he said in a letter sent to the leaders of both houses of Congress.
The president’s recommendation, which he had already set forth in his budget proposal for 2010, came one day after House Speaker John Boehner said that he was ready to “consider” abolishing the tax exemptions.
Obama said that he had been heartened by Boehner’s remarks, adding that “our political system has for too long avoided and ignored this important step, and I hope we can come together in a bipartisan manner to get it done”.
Despite all this, Obama warned that there is no “silver bullet” to solve in the short term the problem of rising oil prices, which at present are breaking records because of political uncertainty in the Middle East, among other reasons.
The rise in oil prices has reduced Obama’s popularity, according to the latest polls, which show that less than 50 percent of the electorate approve of his job performance.
White House spokesman Jay Carney said the proposal, which according to the president would allow the government to take in an additional $4 billion in tax revenues, has no political objectives.
–IANS/EFE
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