End tax breaks for big oil firms

President Barack Obama says Americans are getting hit twice — once at the petrol pump, and once more by sending billions of dollars in tax subsidies to oil companies. Speaking in the White House Rose Garden, Obama again sought to pressure Congress to end $4 billion (Dh14.7 billion) in tax subsidies. He says oil companies are pulling in record profits and shouldn't get taxpayer help when that money could be used on alternative energy. Obama, up for re-election, has sought to align himself with people frustrated by high petrol prices. Many congressional Republicans say cutting the tax breaks would lead to higher fuel prices, raising costs on oil companies and affecting their spending on exploration. Obama couldn't end the subsidies when Democrats controlled Congress earlier in his term. Obama spoke before a crowd in the Rose Garden that included representatives from energy, business and environmental groups. Meanwhile, oil dipped below $104 a barrel yesterday on expectations that the US and Europe will release some crude reserves to push energy costs lower.