The Hill | Obama’s Plan to Lower Gas Prices: Raise Taxes on Oil Companies

Obama and Democrats in Congress have long seen nixing oil-and-gas industry tax breaks as a winning political issue, but legislation to eliminate them is unlikely to win congressional approval because Republicans and oil-state Democrats oppose the plan.

Still, Obama is betting that the plan will resonate with the public amid high gas prices and soaring oil company profits.

"Every time you fill up the gas tank, they’re making money," Obama said, referring to oil companies.

Republicans quickly blasted Obama’s plan to eliminate oil industry tax breaks Thursday.
“A freshman-year economics student could tell you that increasing taxes  on energy production would make gas prices go up, not down," an aide to  House Speaker John Boehner (R-Ohio) said in an email. "With energy costs already threatening our recovery, that’s not a very good idea.”

 

More.



(18853 Posts)