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Obama Again Calls for an End to Tax Breaks for Oil Companies

US President Barack Obama (file photo)

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Last updated on: April 29, 2011 8:00 PM

U.S. President Barack Obama is renewing his call to end $4 billion tax breaks for oil and gas companies that are generating billion-dollar profits amid rising gas prices.

During his weekly address Saturday, Obama said the tax giveaways are neither right, nor smart, and they should be stopped.

The president has been urging Congress to act on his request, but opposition Republicans say his plan would cost Americans jobs.

In the Republican weekly address, Congressman James Lankford said by the president's own admission, ending subsides for big oil companies would not have an immediate impact on gas prices.

Some information for this report was provided by AP, AFP and Reuters.

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