Tax

Obama calls for end to big oil's tax breaks

Reuters News
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Posted: Mar 29, 2012 11:18 AM
Obama calls for end to big oil's tax breaks

WASHINGTON (Reuters) - President Barack Obama said on Thursday energy companies are raking in record profits and called for an end to tax subsidies for them.

Instead of rewarding oil companies, the United States should "double down" on clean energy, he said.

"Keep in mind, we can't just drill our way out of this problem," Obama said in remarks to reporters at the White House.

(Reporting By Patricia Zengerle; Editing by Vicki Allen)