Obama Budget Aims To Slash Oil, Gas Subsidies

Law360, New York (February 1, 2010, 6:57 PM EST) -- President Barack Obama has set aside $28.4 billion out of his $3.8 trillion 2011 budget for the U.S. Department of Energy, proposing to eliminate $2.7 billion in existing yearly tax subsidies for oil, coal and gas companies while providing over $6 billion in direct funding for clean energy research.

The White House estimated that eliminating the tax breaks for oil, coal and gas would generate $38.8 billion over the next 10 years. The budget, unveiled Monday, also aims to raise revenues by canceling some existing programs,...
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