Obama: Oil tax breaks 'outrageous'

LARGO, Md., March 15 (UPI) -- U.S. President Barack Obama Thursday criticized oil industry tax breaks as "outrageous" and "inexcusable" and urged Congress to end the subsidies.

Speaking at Prince George's Community College in Largo, Md., not far from Washington, the president again said Congress should end $4 billion in tax breaks for oil companies.

"They've been getting these subsidies for a hundred years," Obama said. "One hundred years. These are companies making more money now than they've ever made before. And on top of the money they're getting from you at the gas station, they want some of your tax dollars too.

"That is outrageous. It's inexcusable. And it's time for this oil this oil industry giveaway to end," he said in prepared remarks.

The president also told students learning how to make homes more energy efficient they should not believe politicians who promise $2 a gallon gasoline, calling it a movie we're seen before.

"They head down to the pump, make sure a few cameras are following them, and start acting like they can wave a magic wand and you'll have cheap gas forever. Sound familiar?

"You know better. There's no such thing as a quick fix when it comes to high gas prices. We know there's no silver bullet."