Obama urges ax of oil, gas tax breaks
President Barack Obama yesterday urged Congress to immediately end tax breaks for oil and gas firms, seeking to deflect the public anger over high gasoline prices that is hurting his popularity among voters.
U.S. gasoline prices have become a highly charged political issue after pushing toward $4 a gallon nationally, and higher in some cities, spurred by the soaring world price of crude oil amid turmoil in the Middle East and North Africa.
The president hailed what he called bipartisan support for closing the tax breaks.
But Republicans, who feel rising gas prices could help them defeat Obama in the 2012 election, said it would “raise taxes and increase the price at the pump.”
This opposition to Obama’s approach appeared at odds with a signal of openness from the top Republican in the House of Representatives, Speaker John Boehner, on Monday.