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.
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