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May 9, 2011

President Obama Pushes Congress to Eliminate Tax Breaks for Oil Producers 
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In energy news, President Obama is calling on Congress to pass a bill to
eliminate some of the tax breaks enjoyed by the major oil producers.

President Barack Obama: "I want everybody to listen here: oil companies
over the last five years, through recession, through ups and downs, the
top five oil companies, their profits have ranged between $75 billion
and $125 billion. That's with a 'B'—not million, billion. And yet,
they still have a tax loophole that is costing taxpayers four billion
dollars every year. Now, if you're already paying them at the pump, we
don't need to pay them through the tax code. We do not need to do it."



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