Obama's budget to call for slashing oil tax breaks, boosting alternative energy

President Obama is expected to call on Congress Monday to eliminate billions of dollars in oil industry tax breaks, while setting aside money for his top clean-energy policy priorities. Obama will send his fiscal year 2012 budget request to Congress on Monday. The budget comes as Republicans are calling for massive cuts in spending, unveiling a proposal this week to fund the government through the end of this fiscal year that would cut $100 billion in spending when compared to Obama's 2011 budget request. Obama's 2012 budget request will also make major budget cuts. It will freeze domestic spending for he next five years and cut the deficit by $1.1 trillion over the next decade. Obama's budget request will call for eliminating a series of oil industry tax breaks. The Department of Energy estimates that such a repeal will save $3.6 billion in fiscal year 2012 and a total of $46.2 billion during the next decade.

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

HPS EnduraCoilTM Cast Resin Medium Voltage Transformer

HPS EnduraCoilTM Cast Resin Medium Voltage Transformer

HPS EnduraCoil is a high-performance cast resin transformer designed for many demanding and diverse applications while minimizing both installation and maintenance costs. Coils are formed with mineral-filled epoxy, reinforced with fiberglass and cast to provide complete void-free resin impregnation throughout the entire insulation system. HPS EnduraCoil complies with the new NRCan 2019 and DOE 2016 efficiency regulations and is approved by both UL and CSA standards. It is also seismic qualified per IBC 2012/ASCE 7-10/CBC 2013. Cast resin transformers are self-extinguishing in the unlikely event of fire, environmentally friendly and offer greater resistance to short circuits. HPS also offers wide range of accessories for transformer protection and monitoring requirements.