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Obama urges Congress to end tax breaks for oil companies

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President Obama on Tuesday took another whack at his favorite political pinata of late — oil companies — urging congressional leaders to end tax breaks for the corporations as prices continue to skyrocket at the pump.

“While there is no silver bullet to address rising gas prices in the short term, there are steps we can take to ensure the American people don’t fall victim to skyrocketing gas prices over the long term,” he wrote. “One of those steps is to eliminate unwarranted tax breaks to the oil and gas industry and invest that revenue into clean energy to reduce our dependence on foreign oil.”

Obama name-dropped House Speaker John Boehner, R-Ohio, who Monday indicated that he would be open to halting the tax cuts.

Obama has repeatedly taken swipes at oil companies in recent days in an attempt to show voters he is aware of the major hit gas prices have had on their pocketbooks.

“Our outdated tax laws currently provide the oil and gas industry more than $4 billion per year in these subsidies, even though oil prices are high and the industry is projected to report outsized profits this quarter," he said in calling to invest that money in green-energy initiatives.