May 10, 2012 Sen. Bernie Sanders (I-Vt.) and Rep. Keith Ellison (D-Minn.), held a news conference today to announce legislation that would eliminate all oil, coal and gas production subsidies.
The measure would do away with tax breaks, financial assistance, royalty relief, direct federal research and development and many loopholes that benefit the fossil fuel industry. Under current law, more than $113 billion in federal subsidies would go to oil, coal and gas industries in the coming decade.
The bill is supported by 350.org, Taxpayers for Common Sense, Friends of the Earth, Sierra Club, Defenders of Wildlife, Earth Justice and Oil Change International. Bill McKibben, founder of 350.org, Brent Blackwelder, president emertitis of Friends of the Earth, and Ryan Alexander, president of Taxpayers for Common Sense will join Sanders and Ellison.