❝ Millions of Americans may be struggling to pay routine household bills, but still US taxpayers are handing out a whopping $20 billion in fossil fuel subsidies a year.
This is the major finding of a new report Dirty Energy Dominance: Dependent on Denial published by Oil Change International today.
Subsidies are where the government gives financial incentives to artificially lower the cost of production or consumption of fossil fuels to encourage more drilling or oil, gas, or coal use.
❝ …The irony gets worse. There is something morally wrong with a billionaire-led Administration handing out money to rich executives, when this money could help America’s poorest and most at need.
The cost of the subsidies to American taxpayers is equivalent to the projected 2018 budget cuts from Trump’s proposals to slash 10 public programs and services, including supports for America’s most vulnerable children and families…
❝ The US spent on average $2.5 billion annually subsidizing the exploration of new fossil fuel resources in 2015 and 2016, even though the science clearly shows that fossil fuel expansion must stop immediately in order to meet internationally recognized climate goals.
Government giveaways in the form of permanent tax breaks to the fossil fuel industry – one of which is over a century old – are seven times larger than those to the renewable energy sector.
So, the Clown Show in Congress continues to cut subsidies to homeowners trying to save on energy costs with solar and other green alternatives – while perpetuating the taxpayer handout to oil and coal companies. Mail me a penny postcard when the crew in DC grows enough backbone to stand on their own and oppose the profit-hungry crooks they really work for.