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Obama Calls For Rolling Back Oil Company Tax Breaks To Net Billions For Alternative Energy

First Posted: 06/02/10 01:58 PM ET Updated: 05/25/11 05:40 PM ET

Obama Oil Tax Breaks

WASHINGTON (AP) -- President Barack Obama says it's time to roll back "billions of dollars in tax breaks" for oil companies and use the money for clean energy research and development.

Obama made the comments Wednesday in prepared remarks for a speech at Carnegie Mellon University in Pittsburgh.

He said the catastrophic Gulf oil spill shows the country must move toward clean energy by embracing energy efficiency, tapping natural gas and nuclear power and eliminating tax breaks for big oil.

Obama said that the Gulf spill "may prove to be a result of human error -- or corporations taking dangerous shortcuts that compromised safety" -- but that deepwater drilling is inherently risky and America cannot rely solely on fossil fuels.

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Filed by Jeff Muskus  |