Mitt Romney said at Wednesday night’s first 2012 presidential debate that billions of dollars in tax breaks for oil-and-gas companies would probably have to be jettisoned under his plan to lower corporate tax rates overall.

Romney’s plan calls for lowering the top corporate tax rate from 35 percent to 25 percent. “Of course it is on the table. That is probably not going to survive to get that rate down to 25 percent,” Romney said of the oil industry tax breaks at the University of Denver event.

He spoke after Obama reiterated his calls for nixing tax breaks for oil companies; Obama said Exxon Mobil doesn’t need the money.

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