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INTRODUCTION OF THE END OIL AND GAS TAX SUBSIDIES ACT OF 2021
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HON. EARL BLUMENAUER
of oregon
in the house of representatives
Friday, March 26, 2021
Mr. BLUMENAUER. Madam Speaker, America faces a climate crisis. This fact is indisputable, as is the fact that humans are primary cause of the changing climate. But our tax code does not reflect this, instead it showers billions of dollars of benefits to profitable oil and gas companies. Today, I introduced the End Oil and Gas Tax Subsidies Act of 2021, legislation that would eliminate nearly a dozen of the most egregious tax breaks enjoyed by the oil and gas industry.
Despite consistent profitability, fossil fuel companies receive billions of dollars in federal tax breaks and subsidies, which underwrite the costs of oil and gas production. These forgone revenues undermine the United States' ability to combat the climate crisis and invest in critical initiatives like education, housing, infrastructure, and healthcare. The End Oil and Gas Tax Subsidies Act of 2021 would not only eliminate 11 of these provisions in the tax code, it would also ensure the United States is no longer providing tax subsidies to oil and gas at the expense of clean energy, increasing the competitiveness of the energy industry.
I look forward to working with my colleagues in the House and Senate to get this legislation enacted into law this year.
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SOURCE: Congressional Record Vol. 167, No. 57
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