01 May '11, 7pm

Obama takes aim at oil companies

WASHINGTON - United States President Barack Obama declared yesterday that oil companies are profiting from rising petrol prices and urged Congress once again to end the US$4 billion (S$4.89 billion)-a- year oil and gas company tax breaks. "These tax giveaways aren't right," Mr Obama said in his weekly radio and Internet address. "They aren't smart. And we need to end them." Mr Obama has been sparring with congressional Republicans over the skyrocketing cost of petrol, which has topped US$4 a gallon in some regions of the country, more than US$1 dollar higher than a year ago. The rising prices have contributed to a slowdown in economic growth and have hurt Mr Obama's public approval ratings. One of the oil companies, Exxon Mobil, this week reported nearly US$11 billion in profits for the first quarter of this year but said it had no control over oil prices. Other oil compan...

Full article: http://www.todayonline.com/World/EDC110501-0000308/Obama-...

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