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Thursday, March 29, 2012

''Senate rejects Obama call to end Big Oil tax breaks''

From Reuters


"Republicans in the Senate blocked legislation on Thursday to strip billions of dollars in tax breaks for the biggest U.S. oil companies, calling the bill a political stunt that would not help tamp down surging gasoline prices.

President Barack Obama, under pressure as the pinch of higher gasoline prices becomes a hot issue in the U.S. presidential campaign, had urged Congress to end the breaks, worth about $24 billion over 10 years, noting oil companies were raking in record profits."

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