2011-09-08 "Chevron CEO says Obama should keep oil tax breaks" by Jim Snyder from "Bloomberg News"
Chevron Corp. Chief Executive Officer John Watson urged President Obama to cut regulations and expand offshore oil drilling rather than use subsidies to create jobs.
The administration should abandon efforts to repeal about $4 billion a year in oil and gas tax breaks and reconsider an Environmental Protection Agency rule on greenhouse-gas emissions to control climate change, Watson said Wednesday at a conference in Washington. The EPA regulation will raise energy costs and hinder growth, he said at the meeting sponsored by the Hill newspaper and the American Petroleum Institute industry group.
"I would be delighted to invest more in the oil and gas industry," Watson said. The industry responds to the "fiscal and regulatory environment we are given," he said.
Obama is set to outline his proposals to help reduce unemployment from 9.1 percent in an address to Congress tonight. Payroll growth stalled last month, the Labor Department reported Friday.