End Fossil Fuel Subsidies
Annual federal subsidies to the fossil fuel industry total $15 billion dollars/year.
This money is keeping the fossil fuel industry alive. It’s propping up polluters as they poison communities, harm the environment, and drive us closer to climate chaos.
Congress could put an end to the polluter bailouts. It could invest in equitable climate solutions and other progressive priorities instead of keeping the fossil fuel industry alive. And with prices for oil, gas and coal crashing, and global demand still capped by the pandemic, the first 6 months of 2021 are our best chance in decades to end fossil fuel subsidies and bailouts, and deliver a financial knockout to this corrupt industry that is killing the planet.
How we can put an end to fossil fuel subsidies
This spring, we have a unique opportunity to end the big oil bailout once and for all – by ending all US government funding for fossil fuels.
Budget reconciliation is a powerful tool that allows certain tax and spending legislation to bypass the filibuster and pass the Senate with a 51-vote majority. Congress will likely use the reconciliation process to pass an infrastructure bill this summer.
The vast majority of fossil fuel subsidies are embedded in the tax code – meaning they’re vulnerable to repeal through reconciliation. The coming infrastructure bill, given its likely focus on climate and the need to telegraph “fiscal responsibility” by raising new revenue, presents the best opportunity.
At Friends of the Earth, our strategy is to mobilize across the country and in key Congressional districts to leverage the reconciliation process and end fossil fuel subsidies.
The House Ways and Means and Senate Finance Committees will be in charge of writing the authorizing legislation that ends fossil fuel subsidies. So we’re working to pressure the two committee chairs: Sen. Ron Wyden and Rep. Richie Neal. At the same time, we’re building a national narrative to shine a spotlight on how fossil fuel subsidies undermine climate action.
Ready to join us?
If you’re ready to take on Big Oil and push Congress to invest in true climate solutions instead of propping up dirty energy, there are a few steps you can take today!
We can’t waste this opportunity to pass meaningful climate legislation because there might not be another.
New Mexico Senator Martin Heinrich released a letter yesterday to several environmental groups confirming that he supports ending federal subsidies to oil and gas companies
A new report from Friends of the Earth, Oxfam America, and BailoutWatch shines a light on $86 billion worth of offshore tax loopholes benefiting Big Oil.