Markets

President Obama’s budget is filled with proposals that probably don’t have a chance of passing, and the market has been pretty savvy in the past about which ones to watch.

Clearly, the president’s plan to eliminate $39 billion in big oil tax breaks, which was a part of his budget proposal released today, looks like a non-starter. The plan would end tax breaks that allow oil companies to write off some drilling costs, and ?deduct some domestic manufacturing income, The Hill notes. Republicans in Congress have attacked the plan, saying it endangers domestic oil production and would encourage companies to invest overseas instead. Votes on similar proposals have failed in the past.

Investors reacted with a “ho-hum.” Exxon Mobil (XOM) shares were recently up 0.4%.