President Barack Obama unveiled a deficit-reduction plan that includes eliminating certain tax incentives for oil and natural gas companies. Under the plan, companies would be prohibited from claiming a domestic-manufacturing deduction or a tax incentive on payments to foreign governments. "It's ironic that in his search for revenues, the president overlooks the revenues available from increased access to domestic oil and natural gas," said Jack Gerard, president and CEO of the American Petroleum Institute. "Rather than raising taxes on a single industry, he could raise revenues, create jobs and strengthen our energy security."

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