Obama: Cut tax breaks for oil companies
President Barack Obama pressed Congress to scrap billions in oil-company tax breaks and pass legislation to help the nation kick a dangerous “fossil-fuel addiction” Wednesday, trying to channel disgust over the worsening oil disaster into a force for clean energy.
Seeking opportunity in a crisis, Obama argued for action in Congress as crews struggled into a seventh week to contain BP’s mangled oil well in the Gulf of Mexico.
He urged lawmakers to shift the tax-break money toward clean-energy research and approve a major energy bill, now stalled in the Senate, that would slap a price on carbon emissions.
Among the costs of oil dependence, Obama said in a speech at Carnegie Mellon University, is the risk that comes with drilling deep below offshore waters to find oil. He received sustained applause when he said, “We have to acknowledge that an America that runs solely on fossil fuels should not be the vision that we have for our children and grandchildren.”
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