Economics for the Earth Blog

Can we end subsidies for big oil?

Posted Mar. 27, 2012 / Posted by: Ben Schreiber

Last night the Senate voted 92-4 to have 30 hours of debate on S.2204, the Repeal Big Oil Tax Subsidies Act. The bill would eliminate billions of dollars of tax subsidies for the five biggest oil companies, who have cumulatively booked more than $100 billion in profits in the last decade, and use that money to promote renewable energy.

Ending costly handouts to corporate polluters and using the saving to invest in clean renewable energy is common sense.  While the bill is far from perfect, Friends of the Earth is supporting it because it is an important first step.

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