September 2021 - American taxpayers have been subsidizing the fossil fuel industry, through direct subsidies and tax breaks, for over 100 years, resulting in climate damaging emissions, pollution, and destruction of habitats. For years this amounted to $15 billion per year, but these subsidies have increased in the past few years to $20 billion, according to the Environmental and Energy Study Institute and others.
In addition to these subsidies, the US government has been financing billions for fossil fuel projects overseas to benefit US fossil fuel companies, mainly through the Exim (Export Import Bank) and the US International Development Finance Corporation (DFC). In recent years, they have financed coal in Mongolia, a major integrated LNG project in Mozambique, the Sasan coal plant and mines in India, the Vaca Muerta fracking projects in Argentina, and oilfield services for Mexico’s Petroleos Mexicanos.
The Biden administration has made clear its intention to eliminate fossil fuel subsidies and has announced restrictions on financing fossil fuel investments overseas. However, these commitments have so far been limited in scope, require legislative action. and are being strongly opposed by the fossil fuel industry.
A recent letter to Rep. Pelosi and Senator Schumer from over 500 organizations asked for the elimination, in the coming budget reconciliation process, of ALL subsidies for fossil fuel development; these deductions and credits serve to encourage increased oil and gas development, in a time of quickly worsening climate change.
TAKE ACTION: Contact your Members of Congress and ask that they end all US fossil fuel subsidies, in the US and abroad. Other major developed countries have made this commitment. Why should taxpayers pay to incentivize oil companies to extract more oil, which only increases the fires Out West, and the floods Down South? That makes no sense at all!
CONTACT: Your Representatives & Senators in Congress
- Web: Find their names and links to their websites at senate.gov, www.house.gov; send an email or leave a message via ‘Contact’ on his/her website
- Tel: 202 224-3121 (Capitol switchboard-ask for his/her office & leave a message)
- Mail: Senator or Representative (first & last name) S. Senate, Washington, D.C. 20510
or U.S. House of Representatives, Washington, D.C. 20515
Please write a letter-to-the-editor on this important issue.
It is a good way to educate others and build support for needed policies.
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