US Treasury secretary attacks oil, gas tax breaks - Reuters UK

WASHINGTON, March 4 (Reuters) - U.S. oil and natural gasproducing companies should not receive federal subsidies in theform of tax breaks because their businesses contribute toglobal warming, U.S. Treasury Secretary Timothy Geithner toldCongress on Wednesday.

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It was one of the sharpest attacks yet on the oil and gasindustry by a top Obama administration official, reinforcingthe White House stance that new U.S. energy policy will focuson promoting renewable energy sources like wind and solar powerand rely less on traditional fossil fuels like oil as Americatackles climate change. "We don't believe it makes sense to significantly subsidizethe production and use of sources of energy (like oil and gas)that are dramatically going to add to our climate change(problem). We don't think that's good economic policy and wethink changing those incentives is good for the country,"Geithner told the Senate Finance Committee at a hearing on theWhite House's proposed budget for the 2010 spending year.

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