"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.'"

Devin Dwyer reports for ABC News March 29, 2012.


"Senators Who Voted To Protect Oil Tax Breaks Received $23,582,500 From Big Oil" (Think Progress Green)

"Unable To Even Define 'Subsidy,' a Gridlocked Senate Shoots Down Energy Tax Bill" (Greenwire)

"Republicans Block Repeal of Oil-Company Tax Breaks Obama Sought" (Bloomberg)

"Senate Blocks Effort To End To Oil Industry Tax Breaks" (Los Angeles Times)

Source: ABC News, 03/30/2012