Read the original post at its source -- including links/images where applicable.

President Barack Obama today defended his plan to raise tens of billions of dollars for the federal government by axing tax incentives long enjoyed by the oil and gas industry.

Congress has already rejected two earlier calls by Obama to get rid of those tax breaks, and the renewed proposal - delivered yesterday as part of the administration's federal budget blueprint - isn't likely to go any further on Capitol Hill.

But Obama said he hoped the proposal would be propelled by new zeal to cut federal spending.

"I continue to believe I'm right, so we're going to try again," he said, during a news conference this morning. "Everybody says they're really serious about the deficit. Well, if you're really serious . . . about the deficit overall, then part of what you need to look at is unjustifiable spending through the tax code."

Obama cast the tax provisions - including deductions for intangible drilling costs, such as hauling supplies - as unnecessary and expensive.

"Most economists would look at (these) and say these aren't contributing to our long-term economic growth," he said. "And if they're not, why are we letting some folks pay lower taxes than other folks who are?"

He continued: "Why are we not investing in the energy sources of the future - not just the energy sources of the past - particularly when the energy sources of the past are highly profitable now and don't need a tax break?"

Obama's characterization of the oil and gas industry is sure to win boos from some quarters.

"The administration continues to ignore the fact this industry is among the nation's largest job creators and delivers enormous revenues to government at all levels," said American Petroleum Institute President Jack Gerard yesterday. "The irony is that the administration wants to increase taxes on the U.S. oil and natural gas industry so the government can create green jobs, but the industry is already doing that more efficiently and with less burden on American taxpayers through its own green investments."

The API says oil and gas companies spent more than $58 billion from 2000 to 2008 on low- and zero-carbon-emitting energy technologies, which the trade group says is more than the government and other private sector sources spent.

Obama's fiscal 2012 budget proposal also called for new user fees for processing drilling permits and inspecting oil and gas facilities, as well as a hike in onshore royalty rates.