Obama's 2014 budget proposal takes aim at Big Oil's subsidies

04/11/2013 | FuelFix.com

President Barack Obama's 2014 budget proposal seeks to generate $2.5 billion over the next 10 years by raising the royalty rates from oil and natural gas exploration, with the proceeds channeled to a new program designed to promote research and development of alternative fuel technologies. Obama's proposed budget would save $39 billion over the next decade by rolling back "fossil fuel tax preferences," the White House said.

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