Cross-posted from the Center for American Progress. This post was coauthored by Valeri Vasquez, special assistant for energy policy at the Center for American Progress. On Sept. 19, President Barack Obama announced his plan to reduce the deficit by $4 trillion over the next 12 years, including raising $1.5 trillion by closing special interest loopholes and other revenue raisers. This includes eliminating $41 billion in tax loopholes for the oil and gas industry [PDF, p. 63] over the next decade. Big Oil is predictably opposed to losing its unnecessary tax breaks. The American Petroleum Institute, or API, the oil industry's …
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