Government Energy Policy, Business and Technology

Obama Wants To Eliminate Tax Breaks For Oil Companies

Clean Technica: It’s tax season again, and that means the annual plea from the Obama Administration for eliminating $4 billion in annual federal tax incentives for the oil and natural gas industry. This year there was an additional request however, earmarking that money for advanced alternative fuel technology research. Does it stand a chance of passing?

Every year around tax season, President Obama asks that the taxpayer subsidies that go to oil and gas companies be repealed. The logic being that since these companies are making record-breaking profits, they don’t need subsidies. That sounds logical. In addition to abolishing the subsidies, the President also asked to cut tax credits for oil and gas produced from marginal wells.

Read article