President Barack Obama should open up more areas to oil and natural gas drilling instead of targeting the industry's tax incentives, said Jack Gerard, president and CEO of the American Petroleum Institute. "All it takes is one decision by the president to open up some of the largest reserves in the world here in the U.S.," Gerard said. Efforts by the president and many Democrats to eliminate the tax incentives would discourage investment and weaken federal revenues, he added.

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