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Monday 2 March 2009Obama's budget plan targets oil, gas tax breaks
President Obama's proposed 2010 budget takes pointed aim at oil and gas companies, eliminating myriad tax breaks and proposing new fees on the providers.
The plan put out Thursday would repeal tax breaks intended to spur oil and gas exploration and penalize companies that don't develop wells on land leased from the government. It could raise tens of billions of dollars the next decade.
The industry says the blueprint would discourage investment aimed at cutting oil imports.
"New taxes could mean fewer American jobs and less revenue at a time when we desperately need both," says Jack Gerard, president of the American Petroleum Institute (API).
But consumer advocates cheered the proposal.
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