{"id":260405,"date":"2010-02-01T12:52:36","date_gmt":"2010-02-01T17:52:36","guid":{"rendered":"http:\/\/www.businessinsider.com\/obama-tries-to-cut-oil-and-natural-gas-subsidies-again-2010-2"},"modified":"2010-02-01T12:52:36","modified_gmt":"2010-02-01T17:52:36","slug":"obama-set-to-hack-36-5-billion-in-oil-and-gas-subsidies","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/260405","title":{"rendered":"Obama Set To Hack $36.5 Billion In Oil And Gas Subsidies"},"content":{"rendered":"<p><img decoding=\"async\" class=\"float_right\" src=\"http:\/\/static.businessinsider.com\/image\/4b67118a00000000008d119c\/ap-obama-announcement.jpg\" border=\"0\" alt=\"AP Obama Announcement\" \/><\/p>\n<p><span class=\"focusParagraph\">The Obama administration asked Congress to end roughly $36.5 billion in subsidies for oil and gas companies for the second time on Monday, <a href=\"http:\/\/www.reuters.com\/article\/idUSTRE6103RM20100201?feedType=RSS&amp;feedName=environmentNews&amp;utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+reuters%2Fenvironment+%28News+%2F+US+%2F+Environment%29\">Reuters reports<\/a>.<br \/><\/span><\/p>\n<p><span class=\"focusParagraph\"><\/span>Eliminating the subsidies, the administration said, would &#8220;foster the <a href=\"http:\/\/www.businessinsider.com\/t-boone-pickens-is-a-huge-natural-gas-bull-but-not-for-2010-2010-1\">clean energy economy of the future<\/a> and reduce our reliance on fossil fuels that contribute to climate change.<\/p>\n<p>Tax breaks that would get axed include:<\/p>\n<ul>\n<li>\n<p>Deductions for drilling costs<\/p>\n<\/li>\n<li>\n<p>Credits for low-volume oil and gas wells<\/p>\n<\/li>\n<li>\n<p>Manufacturing tax deductions for oil and gas companies.<\/p>\n<\/li>\n<\/ul>\n<p>If approved, the changes will take effect on January 1, 2011, and save $36.5 billion over 10 years. Oil and gas companies argue that abolishing the tax breaks would reduce domestic drilling, cost jobs and increase our dependence on foreign energy suppliers.<\/p>\n<p><a href=\"http:\/\/www.businessinsider.com\/obama-tries-to-cut-oil-and-natural-gas-subsidies-again-2010-2#comments\">Join the conversation about this story &#187;<\/a><\/p>\n<p><b>See Also:<\/b><\/p>\n<ul>\n<li><a href=\"http:\/\/www.businessinsider.com\/t-boone-pickens-is-a-huge-natural-gas-bull-but-not-for-2010-2010-1\">T. Boone Pickens Hates Natural Gas This Year<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/have-we-reached-peak-oil-2010-1\">Oil Isn&#8217;t Running Out, But The Age Of Cheap Oil Is Definitely Over<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/rising-oil-will-force-us-into-post-industrial-wasteland-2010-1\">How Rising Oil Prices Will Force U.S. Into A Post-Industrial Wasteland<\/a><\/li>\n<\/ul>\n<p><a href=\"http:\/\/feedads.g.doubleclick.net\/~a\/WztVIgx4BDmpS2puIY3BEKKr7Uk\/0\/da\"><img decoding=\"async\" src=\"http:\/\/feedads.g.doubleclick.net\/~a\/WztVIgx4BDmpS2puIY3BEKKr7Uk\/0\/di\" border=\"0\" ismap=\"true\"><\/img><\/a><br \/>\n<a href=\"http:\/\/feedads.g.doubleclick.net\/~a\/WztVIgx4BDmpS2puIY3BEKKr7Uk\/1\/da\"><img decoding=\"async\" src=\"http:\/\/feedads.g.doubleclick.net\/~a\/WztVIgx4BDmpS2puIY3BEKKr7Uk\/1\/di\" border=\"0\" ismap=\"true\"><\/img><\/a><\/p>\n<div class=\"feedflare\">\n<a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=Bx1UDl9DoRo:nvjb4B8HVP0:yIl2AUoC8zA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?d=yIl2AUoC8zA\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=Bx1UDl9DoRo:nvjb4B8HVP0:F7zBnMyn0Lo\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?i=Bx1UDl9DoRo:nvjb4B8HVP0:F7zBnMyn0Lo\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=Bx1UDl9DoRo:nvjb4B8HVP0:V_sGLiPBpWU\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?i=Bx1UDl9DoRo:nvjb4B8HVP0:V_sGLiPBpWU\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=Bx1UDl9DoRo:nvjb4B8HVP0:qj6IDK7rITs\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?d=qj6IDK7rITs\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=Bx1UDl9DoRo:nvjb4B8HVP0:gIN9vFwOqvQ\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?i=Bx1UDl9DoRo:nvjb4B8HVP0:gIN9vFwOqvQ\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/greensheet\/~4\/Bx1UDl9DoRo\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Obama administration asked Congress to end roughly $36.5 billion in subsidies for oil and gas companies for the second time on Monday, Reuters reports. Eliminating the subsidies, the administration said, would &#8220;foster the clean energy economy of the future and reduce our reliance on fossil fuels that contribute to climate change. Tax breaks that [&hellip;]<\/p>\n","protected":false},"author":813,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-260405","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/260405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/813"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=260405"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/260405\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=260405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=260405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=260405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}