With gas prices still rising, House Speaker John Boehner has broken from traditional GOP rhetoric to voice his support for ending tax breaks to the oil industry.

President Obama has championed the same cause since taking office, asking Congress to eliminate $3.6 billion in annual subsidies to the oil, coal and natural gas industries while energy titans such as BP and Shell enjoy record profits. Leaders from both parties are concerned about the impact that long-term gasoline price hikes will have on voters’ minds. — KDG

Reuters:

A New York Times-CBS News poll found that 70 percent of Americans believe the country is on the wrong track and analysts believe gas prices are a main reason for this.

The Obama administration tried unsuccessfully during the last Congress to cut tax breaks and subsidies for fossil fuels.

The attempt to end the subsidies has been strongly condemned by oil and gas companies, which argue that abolishing the tax breaks would reduce domestic drilling, cost jobs and increase U.S. reliance on foreign energy suppliers.

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In this Article:
#barack obama#bp plc#economy#john boehner#oil and gas industry#shell#subsidies#tax breaks