Gerard: Obama wrong on oil, gas tax-incentive claim

03/4/2012 | United Press International

The American Petroleum Institute disputed President Barack Obama's claim concerning billions in tax incentives enjoyed by oil and natural gas companies. During a speech in New Hampshire, Obama said that $4 billion in taxpayer money goes to the industry. "The president has it backwards; our industry pays the government nearly $90 million dollars a day -- the biggest contributor of government revenue than any other industry in the United States," said Jack Gerard, API's president and CEO.

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