http://www.nytimes.com/gwire/2009/02/26/26greenwire-obama-seeks-repeal-of-industry-tax-breaks-subsi-9882.html
President Obama's budget proposal would repeal several oil industry tax incentives while imposing new taxes on Gulf of Mexico producers to close "loopholes" that have allowed companies to avoid royalty payments. The overall budget eliminates $31.5 billion in "oil and gas company preferences" over a decade, according to a slender summary released by the White House this morning. Many provisions are certain to prompt resistance from the oil industry and from Republican and Democratic lawmakers from oil-producing states.
