http://thehill.com/blogs/e2-wire/677-e2-wire/157593-white-house-oil-industry-subsidies-simply-crazy-amid-high-gas-prices-deficitWhite House Press Secretary Jay Carney on Monday said major oil-and-gas company profit reports that will begin rolling out this week make the case for the administration’s push to end billions of dollars worth of industry incentives.
Companies including Exxon Mobil Corp., Chevron Corp. and ConocoPhillips Co. are slated to report their first-quarter earnings later this week, and the run-up in crude oil prices is expected to generate strong profits.
“I think most Americans would agree with the president that it is simply crazy and unsustainable to continue to subsidize the oil-and-gas companies when we need to reduce our deficit and invest elsewhere,” Carney said at a briefing.
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“And when Americans are going every day of the week to their local gas station and filling up and seeing a tank of gas cost $60, $70, $80 or more, I think they would be appalled to learn that major oil-and-gas companies will be announcing record profits this week,” Carney added.