The Economy

Apr 30, 2011 5:28 PM by AP posted By James H Egbert

Obama calls for end to oil company tax breaks

WASHINGTON (AP) - President Barack Obama is taking aim at oil company tax breaks amid rising profits from increasing gasoline costs.

In his weekly radio and Internet address, Obama again urged Congress to end $4 billion a year in oil and gas company tax breaks.

Obama says the "tax giveaways aren't right," or smart and the need to end.

Obama has been sparring with congressional Republicans over the skyrocketing cost of gasoline, which has topped $4 a gallon in some regions of the country, more than $1 dollar higher than a year ago.

The rising prices have contributed to a slowdown in economic growth and have hurt Obama's public approval ratings.

The Exxon Mobile Corp. this week reported nearly $11 billion in profits for the first quarter of this year but said it had no control over oil prices. Other oil companies also reported huge gains.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

 

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