McEachin, Bumenauer, Casten, Porter bill to would end taxpayer subsidies to oil, gas companies
The oil and gas sectors are some of the world’s most profitable industries, with billions of dollars in earnings each year. It doesn’t hurt that they also receive billions in tax breaks and subsidies, which makes no sense.
Congressman A. Donald McEachin (VA-04), Earl Bumenauer (D-OR), Katie Porter (D-CA) and Sean Casten (D-IL) today reintroduced the End Oil and Gas Tax Subsidies Act, , which would eliminate 11 of provisions in the tax code that unfairly benefit oil and gas companies.
The legislation would ensure the United States is no longer providing tax subsidies to oil and gas at the expense of clean energy, and also increase the competitiveness of the energy industry.
“For too long, dirty energy companies have enjoyed billions of dollars in federal tax breaks and subsidies each year – a direct attack on our nation’s health and ability to combat climate change,” McEachin said. “Instead of incentivizing the continued extraction of fossil fuels, we must end these subsidies and advance legislation, like the End Oil and Gas Tax Subsidies Act, to stop the federal government from rewarding dirty polluters.
“By prioritizing federal assistance away from fossil fuels and toward the continued growth and expansion of clean renewable energies, we can protect public health and our environment, and continue to bolster the green jobs and infrastructure America needs to power a better, more sustainable future.“
The United States emitted more than 6.5 billion tons of greenhouse gases in 2019. The burning of fossil fuel, particularly in the power and transportation sectors, produces three-quarters of total U.S. carbon emissions.
Moving away from oil and gas, or at least no longer subsidizing it, is a critical part of our commitment to address the climate crisis.
The legislation is supported by the Earthjustice, Earthworks, Food & Water Watch, Friends of the Earth, Oxfam America, and the Sierra Club.
“For far too long, the oil and gas industry has benefited by not paying its fair share,” Sierra Club Associate Director Patrick Grenter said. “This legislation would eliminate nearly a dozen of the most egregious tax breaks from which the oil and gas industry disproportionately benefits. Lining the pockets of industry executives who are driving the climate crisis is unacceptable. Instead, we must build a sustainable future – not by investing in fossil fuels – but by protecting our environment and communities.”
Story by Chris Graham