Obama’s budget revives battle over oil industry tax breaks

Last year’s White House budget proposal, touting a similar plan to strip various deductions, stated, “Oil and gas subsidies are costly to the American taxpayer and do little to incentivize production or reduce energy prices.”

But Republicans and oil-patch Democrats have beaten back the proposals for years, and they remain unlikely to advance.

The latest proposal drew quick industry push back Wednesday.

“Increasing our taxes would push oil and natural gas investment overseas and diminish job-creation and economic activity here at home,” American Petroleum Institute President Jack Gerard said in a statement.