“It’s cynical and reckless to provide relief for climate-related disasters with one hand, while essentially paying Big Oil to worsen the climate crisis with the other. Transferring billions of dollars from hard-working taxpayers to ultra-rich oil companies to extract more fossil fuels will not make our country safer or stronger.”
Today, more than 30 environmental, health and social justice organizations urged Congressional leaders to exclude an extension of the tax credit for carbon dioxide enhanced oil recovery from any spending bill.
Early this morning, the Senate passed a tax overhaul bill riddled with tax breaks for wealthy individuals and corporations, more handouts to fossil fuels, and provisions that would imperil health coverage for millions.
Organizations from frontline communities – where Americans that are most impacted by climate change and the fossil fuel industry live – and organizations working in solidarity with them, are urging lawmakers to reject the FUTURE Act (S.1535) and the Carbon Capture Act (H.R.1379) – and to oppose its inclusion in a tax policy package.
More than 30 environmental, public health, consumer, and climate groups delivered a letter to members of Congress in opposition to the FUTURE Act (S.1535) and Carbon Capture Act (H.R.3761) – and any attempts in a tax policy package to extend or expand subsidies for enhanced oil production.
This analysis explores the oil production, carbon emissions, and taxpayer cost implications of the proposed changes to Section 45Q in the U.S. tax code in S.1535 and H.R.3761.
Communities in Houston, Florida, Louisiana, Puerto Rico, and California are just beginning the long road to recovery from disasters made worse by climate change. It would seem downright irresponsible to increase taxpayer handouts to spur fossil fuel production at a time like this. But that’s exactly what’s being proposed in Washington.
“Pruitt’s move to repeal the Clean Power Plan shouldn’t come as any surprise. He’s repeatedly partnered with fossil fuel companies to sue the EPA for regulating the industry’s air, water, and climate pollution. This kind of cronyism is exactly what happens when government agencies are captured by the corporations they’re supposed to oversee.”
A new report out today reveals that U.S. taxpayers continue to foot the bill for more than $20 billion in fossil fuel subsidies each year. These subsidies amount to billions of dollars wasted to prop up an industry responsible for a climate crisis that has contributed to lives lost and hundreds of billions in damages this hurricane season alone.
2015-2016 U.S. International Fossil Fuel Finance Supplement to “Dirty Energy Dominance: Dependent on Denial How the U.S. Fossil Fuel Industry Depends on Subsidies and Climate Denial” September 2017 In total, U.S. public finance for fossil fuels from bilateral and multilateral sources averaged $2.1 billion annually between 2015 and 2016. Figure 1 below shows the breakdown … Read More