This spring, Sen. Bernie Sanders and Rep. Keith Ellison launched a new piece of legislation that would repeal $113 billion of tax-breaks, handouts, and subsidies for the fossil fuel industry over the next 10 years.
Not only is fossil fuel the richest industry on earth, but any of us who pay taxes write it a hefty check each year. It’s as if we’re paying them a performance bonus for wrecking the climate. We’ll never get to renewable energy if we keep handing gobs of money to oil and coal and gas.
The End Polluter Welfare Act would strip away these outrageous subsidies. As you can imagine, the fossil fuel industry is going to fight back hard, so we need to come out as strong as possible.
Click here to ask your Congressperson to support the End Polluter Welfare Act. Use our scoreboard tool to see where they stand on ending polluter handouts and get them on the record.
Info About the Bill
- Fossil fuels are subsidized at nearly 6 times the rate of renewable energy. From 2002 to 2008, the US Government gave the mature fossil fuel industry over $72 billion in subsidies, while investments in the emerging renewable industry totaled $12.2 billion.
- The fossil fuel energy industry does not need taxpayer subsidies. In 2011, the Big Five oil companies alone made $137 billion in profits. During the first quarter of 2012, the Big Five oil companies earned a combined $33.5 billion, or $368 million per day.
- Unlike renewable energy incentives which periodically expire and require Congress to approve extensions, the fossil fuel industry has dozens of subsidies permanently engrained in the tax code from decades of successful lobbying. In 2011, the oil, gas, and coal industries spent a combined $167 million on lobbying the federal government.