Since almost two centuries ago not long after it was identified bubbling up in a creek in western New York the flammable below-ground substance composed of methane and other hydrocarbons has been called “natural gas” in the US.
Environmental activists are lobbying the Biden administration to block gas companies from using the term "natural gas," Bloomberg reported Wednesday.
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Read time: 12 mins By Justin Mikulka • Sunday, April 4, 2021 - 00:01
The fossil fuel industry and its investors have financially benefited from tax policies and subsidies designed to reduce the emissions from oil, gas, and coal sometimes without taking the action required to tackle climate change.
Recently, claims have been surfacing of companies taking the taxpayer money offered to incentivize these actions but not following through on reducing their emissions. In March, for example, Reuters reported that Congress has opened an investigation into problems with the government’s “clean coal” tax credit. This is after Reuters revealed that financial institutions, including Goldman Sachs, were making huge profits off the program, despite it not effectively reducing emissions.