Century old tax benefits might end for U.S oil companies

American president, Barack Obama, urged congress to abolish $4 billion of annual oil and natural gas subsidies and shift those savings to research on clean-energy fuels. 

Last year, the three biggest U.S. oil companies took home more than $80 billion in profit and they can stand on their own now, said Mr. President. 

Ending such breaks would reduce the deficit by $41 billion over a decade, according to Obama’s budget for fiscal 2013.

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