Obama Wants To End American Oil Companies' Annual Tax Reduction Policy

Beijing time on the morning of May 1st, the president of the United States

Obama said: "the tax reduction policy aimed at oil companies is wrong and unwise."

At present, the price of oil in every 22 states in the United States is 391 million dollars per gallon, which is higher than the national average. In Alas, California, California and Connecticut, oil prices even exceed 4.20 dollars per gallon.

In fact, high oil prices have already affected the progress of the US economy, and more importantly, the support rate of the Obama administration has obviously declined.

The first quarter earnings report of the US oil giant Exxon Mobil Oil Corp showed that the company achieved a profit of 11 billion dollars in the first half of March this year, while other industries in the same industry also made a profit in the beginning of this year.

Harry Reid, the majority leader of the US Senate, told reporters that he would consider Obama's policy on ending the preferential policies for oil enterprises as early as next week.

At the same time, Obama stressed that the tax concessions offered to oil companies will be used in the research and development of new energy. He also reiterated that the White House will not cut spending on clean energy research and development.

In response to Obama's remarks, opposition figures pointed out that the president's decision was equivalent to raising taxes for oil companies, which would affect the incomes and jobs of workers in these enterprises.

James Lankford, a new Republican congressman from Oklahoma, said in an interview with reporters: "the president may think his approach will have a sense of urgency for those responsible for the oil giants, but his plan will hurt ordinary workers in oil companies and consumers of petroleum products". James Lankford,