Obama Seeks to End $46.2 Billion in Energy Tax Breaks in Decade, Chu Says

[Casino67]

Bloomberg.com:

The Obama administration will seek to repeal $46.2 billion in subsidies for oil, natural gas and coal companies in the next 10 years, to fund renewable energy spending, Energy Secretary Steven Chu said.

The plan is part of President Barack Obama’s commitment to lower dependence on fossil fuels and increase to 80 percent the share of U.S. electricity from “clean” sources by 2035. Cutting the subsidies will help pay for $8 billion in “clean energy” investments, Chu wrote on his blog yesterday. The president is scheduled to present the 2012 budget on Feb. 14.

“Fiscal responsibility demands shared sacrifice,” Chu wrote.

The reduction in subsidies, which would cost energy companies $3.6 billion in 2012, can be easily absorbed by the profit-rich oil industry, Obama said in Jan. 25 State of the Union address. Exxon Mobil Corp., the world’s largest company, increased profit to the highest level in more than two years in the fourth quarter, Irving, Texas-based Exxon said on Jan. 31.

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Gosh, I don't suppose they will pass the loss onto customers, will they? /snark