Posted by Big Gav
Reuters reports the US Republicans may be interested in biting the hand that feeds them by reducing subsidies to the oil industry, following Obama's recent comments that cutting renewable energy programs while leaving oil subsidies intact makes no sense - Boehner opens door to cutting U.S. oil tax breaks. Don't hold your breath waiting for the subsidies to be cut.
The Congress should consider cutting multibillion-dollar subsidies to oil companies amid rising concern over skyrocketing gas prices, House of Representatives Speaker John Boehner said on Monday.
"It's certainly something we should be looking at," Boehner said in an ABC News interview. "We're in a time when the federal government's short on revenues. They ought to be paying their fair share."
"Everybody wants to go after the oil companies and frankly, they've got some part of this to blame," he said.
But Boehner, an Ohio Republican, said he also wanted to "see all the facts" first.
Boehner's remarks echoed concerns expressed this month by President Barack Obama, who asked Congress to repeal $3.6 billion in annual oil, natural gas and coal subsidies, a move that would total $46.2 billion over a decade and help pay for clean energy initiatives.
But Boehner's comments go against Republican orthodoxy because the party traditionally is very supportive of the oil and gas industry.