"Senate Rejects Obama Call To Strip Oil Company Tax Breaks"
"A last minute entreaty by President Obama wasn’t enough to convince senators to strip the oil and gas industry of billions in tax incentives."
"The president said today that Americans are getting fleeced by an oil industry awash in profits – pinched at the pump by rising prices and forking over billions in taxpayer cash and he put his weight behind a senate bill that would repeal
'Think about that. It’s like hitting the American people twice,' Obama said in a Rose Garden press conference, just before senators considered a bill that would roll back many such tax incentives for oil companies.
'They can either vote to spend billions of dollars more in oil subsidies that keep us trapped in the past. Or they can vote to end these taxpayer subsidies that aren’t needed to boost oil production so that we can invest in the future,' Obama said. 'It’s that simple.'"Source: ABC News, 03/30/2012