Big oil receives more than $ 20.5 billion annually from federal and state subsidies. Many of these subsidies date back to the beginning of the industrial era. The biggest tax cut for oil rigs It was 1913. Then there is the tar hole, which provides tax breaks for companies that import or produce tar sand, one of the world’s largest fossil fuels.
Yes, you did. The United States is offering special reductions to fossil fuels for the fossil fuel industry.
Unlike those originally created, these gifts no longer create jobs. Instead, they are reaping the profits of a corrupt industry. A recent study found that 96% of federal fossil fuel subsidies increase the profitability of oil and gas companies beyond the investment barriers needed to start new projects.
Even more shocking is the fact that for the past four decades, the industry has continued to carefully examine the effects of climate change on human beings, publicly denying its existence or problem, and releasing greenhouse gases into the atmosphere.
Why do we reward taxpayers for this behavior?
On Earth Day this year, a senior official from the Fossil Petroleum Industry Trade Group swore in a congressional hearing: ”
We must take him on this offer.
President Biden called for the elimination of “billions of dollars in subsidies, vacancies and special foreign tax credit for the fossil fuels industry” as a key policy to support the US business plan. However, the best legislation currently in force in the House of Representatives is that of
the reason?
Although it is said that “treatment is as good as any industry,” the same oil and gas trade group has been working hard to eliminate its profitable subsidies. Reuse of old-fashioned tactics to influence climate change, the US Petroleum Institute and groups such as the U.S. Chamber of Commerce and the U.S. Chamber of Commerce and Industry have been campaigning for a coordinated and costly collective impact.
Over the past several weeks, the fossil fuel industry has written letters to congressional leaders directly mocking our home and our Senate colleagues. He placed OPDs in local newspapers in key oil and gas states such as Pennsylvania, West Virginia and Oklahoma, as well as Hill and Washington.
The US Petroleum Institute has spent millions of dollars on television and Facebook advertising in the most dangerous swing states and congressional districts, in the guise of a fraudulent group called “Energy Citizens.”
Meanwhile, California and other states are suffering from uncontrolled wildfires and heavy smoke, with tens of thousands of Louisians stranded after Eid and the 17th week of tropical cyclone earlier this month. Atlantic, an unusually high number for this year.
The fossil fuel industry is heavily responsible for climate change. A.D. A report published in 2017 states that since 1988, US companies have been involved in 71% of all industrial greenhouse gas emissions, including Excon Mobil, Chevron, Konoko Phillips, Marathon Petroleum and Oxidant Petroleum.
Even the International Atomic Energy Agency (IAEA) has announced that it will suspend its new oil and gas exploration today, as it seeks to limit global warming, and renewers want to play a greater role in US energy than natural gas. By 2050, we know that only oil executives are arguing for oil executives.
Congress now has the power to summon industrial confusion. We can end the privileges of one of our most polluted and corrupt industries and instead support a clean energy source in the future. Now is the time to reject controversial industry debates aimed at curbing climate change and protecting shareholders’ profits. Our colleagues in Congress must call for moral courage to fight for it.
Representative Ro Kana, de-Fremont, will sit on the council’s committees on agriculture, arm services, and monitoring and improvement, chaired by the local subcommittee. Representative Arl Bloemner, De-Oregon, serves on the House Roads and Roads Committee and has spent decades on how to transform the American economy into a clean energy economy.