AUFC Praises White House Budget Eliminating $4 Billion a Year in Wasteful Big Oil Subsidies

March 4, 2014

Jeremy Funk, 202-470-5878
Lauren Weiner, 202-470-5870 

Americans United for Change Praises White House Budget Eliminating $4 Billion a Year in Wasteful Big Oil Subsidies That Shortchange Investment in Cleaner, Cheaper, Renewable Energy

Washington DC – Calling it a big win for taxpayers and consumers, Americans United for Change hailed the Obama administration Fiscal Year 2015 Budget released today that seeks to roll back $4 billion a year in wasteful big oil subsidies.  Excerpt from Page 76 of the White House FY 2015 budget blueprint:

Eliminates Unnecessary Fossil Fuel Subsidies. As the Nation continues to pursue clean energy technologies that will support future economic growth, it should not devote scarce resources to subsidizing the use of fossil fuels produced by some of the largest, most profitable companies in the world. That is why the Budget proposes to eliminate unnecessary fossil fuel subsidies that impede investment in clean energy sources and undermine efforts to address the threat of climate change.  In total, the Budget would repeal over $4 billion per year in tax subsidies to oil, gas, and other fossil fuel producers.

Caren Benjamin, Executive Director, Americans United for Change: “We are elated that the President has renewed his commitment to doing away with billions of dollars in pointless subsidies for big oil that shortchange investment in cleaner burning, cheaper renewable fuels of the future.  100 years of Big Oil tax breaks is more than enough – especially for an industry that made $100 billion in profits last year and pays very little taxes in return.  To be consistent with the President’s budget, the EPA should also reconsider its plan to give a back door subsidy to Big Oil by gutting the Renewable Fuel Standard.  It’s a proposal that runs totally counter to the President’s strategy to address climate change by supporting clean energy -- because a weak RFS means less incentive for innovation in cleaner burning, next generation renewable fuels and guarantees a greater use of dirty fossil fuels.”

Previous from Americans United:
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AUFC Releases Winter Olympic-Themed Tumlbr Declaring Big Oil The Real Winner

01.23.14 New TV Ad Hails RFS As as Lasting Economic Driver in Rural America, Asks EPA: Why Mess With Success?