Ending Fossil Fuel Subsidies in the US by decade’s end – A new Bill proposes it.

Senator Bernie Sanders (I-VT) with the support of Representative Keith Ellison (D-MN) want to end oil subsidies amounting to USD 113 Billion. Some aspects of the bill include:

  • It closes a 2004 loophole that lets oil companies claim they’re manufacturers, and therefore eligible for a deduction credit aimed at the manufacturing industry.
  • It calls for a penny per barrel increase to go to the oil spill fund, in light of the Gulf Spill, and applies the spill fund tax to any tar sands production (ie, Keystone). Right now, companies producing tar sands don’t have to cough up any cash to help cover the costs of accidents.
  • It prevents oil companies from deducting their oil spill cleanup costs, as BP has done since its 2010 disaster. 
  • For more I suggest following the link below:

  • New Bill Unveiled to Kill $113 Billion in Fossil Fuel Subsidies : TreeHugger

  • Leave a Reply

    Fill in your details below or click an icon to log in:

    WordPress.com Logo

    You are commenting using your WordPress.com account. Log Out / Change )

    Twitter picture

    You are commenting using your Twitter account. Log Out / Change )

    Facebook photo

    You are commenting using your Facebook account. Log Out / Change )

    Google+ photo

    You are commenting using your Google+ account. Log Out / Change )

    Connecting to %s

    %d bloggers like this: