The President said: “Unlike previous administrations, I don’t think the federal government should give handouts to ‘big oil’ to the tune of $40 billion in fossil fuels subsidies. I’m going to be going to the congress, asking them to eliminate those subsidies.”
If biden moves against subsidies for oil & gas in a quick manner it could have devastating impact on a already debilitated industry.
Biden Asks Congress to End $40 Billion in Taxpayer Subsidies for Fossil Fuels.
Rep. Ilhan Omar (D-Minn.), Sen. Bernie Sanders (I-Vt.), progressive lawmakers introduced legislation last year that proposed ending direct federal subsidies to the fossil fuel industry and “abolishing dozens of tax loopholes, subsidies, and other special interest giveaways littered throughout the federal tax code.”
- The lawmakers estimated the End Polluter Welfare Act would save taxpayers up to $150 billion over the next decade.
In other news: Joe Biden called upon congress to close tax loopholes and subsidies specific to fossil fuels aiming to end 40 billion dollars worth of handouts for big oil 🥳— Curt (@Curt_Mai) January 29, 2021