OIL AND GAS: Obama seeks repeal of industry tax breaks, subsidies

NEW YORK (CNNMoney.com) — President Obama promised more money for conservation and renewable energy in his budget outline Wednesday, paid for in part by a mandatory cap on greenhouse gases.

The programs, originally laid out in the stimulus bill, include an effort to double the production of renewable energy in three years, primarily through tax breaks and loan guarantees for the industry.

The budget summary also increases funding for energy conservation in government buildings and private homes. It provides more money for cleaner coal-fired power plants, and to transform the country’s aging electric grid.

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