Legislation to eliminate tax incentives for oil and natural gas companies will be taken up soon in the Senate, said Senate Majority Leader Harry Reid, D-Nev. President Barack Obama has said it isn't fair that oil majors are enjoying $4 billion in federal aid every year while consumers are suffering from surging gasoline prices. "The president has it backwards" because the industry pays almost $90 million a day to the government, said American Petroleum Institute President and CEO Jack Gerard.

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