Ending Big Oil's Tax Breaks

The United States heavily subsidizes oil and gas production while failing to make significant investments in safer, cleaner renewable energy sources. According to the Environmental Law Institute, the U.S. from 2002 to 2008 provided more than $70 billion in fossil fuel subsidies, compared to only $12 billion for wind, solar, geothermal, biomass, and other renewable energy.  Sen. Bernie Sanders Wednesday proposed repealing more than $35 billion in oil and gas industry tax breaks and investing $10 billion of the savings in the energy efficiency and the remaining $25 billion to reduce the federal deficit.  “What the amendment does is help transform our energy system away from fossil fuels, end unjustified tax breaks, cut the deficit and invest in energy efficiency,” Sanders said.

To read the senator's press release and the amendment itself, click here.