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Obama Urges Congress to End Tax Breaks For Oil Companies

March 19, 2012

U.S. President Barack Obama renewed his call for Congress to end tax subsides for oil companies, as gas prices continue to rise.

Obama said during his weekly address Saturday, he expects Congress to vote in a few weeks on ending $4 billion in tax subsides to profit-making oil companies.

President Obama says Congress should lend its support to developing alternative energy sources, including wind, solar power and bio fuels.

In the Republican address, Congressman Cory Gardner criticized President Obama for using part of his $800 billion stimulus package to support energy companies that went bankrupt. Gardner says high gas prices are symptoms of the administration's failed stimulus policies.

President Obama will take his energy plan on a promotional road trip next week, traveling to four states (Nevada, New Mexico, Oklahoma and Ohio). The plan focuses on developing alternative energy sources, while continuing domestic oil production.

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