(Office of Rep. Ilhan Omar (D-Minn.)) Rep. Ilhan Omar (D-Minn.) and Sen. Bernie Sanders (I-Vt.) together with Sen. Merkley (D-Ore.), Sen. Markey (D- Mass.) and Rep. Barragan (D-Calif.) introduced legislation to close tax loopholes and eliminate other federal subsidies for the oil, gas, and coal industries.
Right now, American taxpayers are on the hook for about $15 billion in direct federal subsidies to the fossil fuel industry. In 2019 alone, the oil, gas, and coal companies that receive these handouts spent $190 million lobbying Congress – for an over 11,000 percent return on investment. At a time when climate change is already causing devastating harm around the world, it makes no sense for Congress to continue giving away taxpayer money to the hugely profitable and highly polluting fossil fuel industry.
Friends of the Earth Statement on JP Morgan Annual letter - Friends of the Earth
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Oil, Gas, Petrochemical Financial Woes Predate Pandemic — And Will Continue After, Despite Bailouts, Report Finds
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Published: Thursday, April 1, 2021
President Biden speaking in Pittsburgh. Photo credit: AP Photo/Evan Vucci
President Biden delivers a speech on his sweeping $2 trillion infrastructure plan at the Carpenters Pittsburgh Training Center yesterday afternoon in Pittsburgh. AP Photo/Evan Vucci
President Biden pledged to rebuild the backbone of America yesterday, pitching a massive $2 trillion plan to accelerate his efforts to tackle climate change, including a national clean energy standard and a carbon-free electric grid. It s not a plan that tinkers around the edges, Biden said at a union hall in Pittsburgh. It s a once-in-a-generation investment in America. Unlike anything we ve seen or done since we built the Interstate Highway System and the space race decades ago.