API ramps up defense of oil industry tax breaks as sequester nears

He spoke as Democrats prepared to unveil legislation this week to replace automatic spending cuts that take effect March 1, according to a published report, and as President Barack Obama continues to call for repeal of oil industry tax incentives.

API has sought to persuade the president and lawmakers to expand fossil fuel exploration and  to preserve the industry's current tax breaks. The group says the availability of more federal lands and Outer Continental Shelf areas  for development would create jobs and generate additional taxes, fees and royalties.