Economics for the Earth Blog

New Bill Would End Legacy Tax Breaks for Big Oil

Posted Feb. 10, 2011 / Posted by: Nick Berning

For Immediate Release

Contact:

Nick Berning, 202-222-0748, nberning@foe.org; Kelly Trout, 202-222-0722, ktrout@foe.org

Washington, D.C.—Congressmen Earl Blumenauer and Ed Markey announced today the introduction of legislation to end a variety of loopholes that let big oil corporations dodge billions in taxes each year. Their bill, called the Close Big Oil Tax Loopholes Act, is co-sponsored by 15 other members of Congress.

Friends of the Earth's president, Erich Pica, had this statement in support of the bill:

 "Our dependence on oil jeopardizes our security, perpetuates climate change, and threatens public health. According to Representative Blumenauer, the bill will save taxpayers more than $40 billion over the next five years, eliminating wasteful corporate subsidies, many of which have been on the books for almost a century.  Ending these handouts marries fiscal soundness with environmental stewardship.

 "The provisions included in the Close Big Oil Tax Loopholes Act are an important first step toward eliminating the full range of wasteful subsidies that hard-working Americans lavish on an industry that racked up than $77 billion in profits last year. Eliminating oil subsidies, which also undermine investment in renewable energy, is crucial to moving our nation toward a healthy and green economy."

More information on the Close Big Oil Tax Loopholes Act is available at http://blumenauer.house.gov/images/stories/2011/documents/EBOTS_Fact_Sheet.pdf.

For more information on the $33 billion in tax breaks, subsidies and other handouts that the oil and gas industry is set to receive by 2013, please see Friends of the Earth's 2008 report here: http://www.foe.org/pdf/FoE_Oil_Giveaway_Analysis_2008.pdf.

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Friends of the Earth and our network of grassroots groups in 76 countries fight to create a more healthy, just world. Our current campaigns focus on clean energy and solutions to global warming, protecting people from toxic and new, potentially harmful technologies, and promoting smarter, low-pollution transportation alternatives. 

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