Should Congress End Tax Benefits for Oil and Gas Companies?
• "Public lands are a collective national treasure that belong to the American people—polluters that want to extract energy on these lands owe taxpayers a fair price. We haven’t raised the rental rate for mining on public lands since I was in junior high, and we’ve been charging oil and gas companies the same royalty rate for over 100 years. My Ending Taxpayer Welfare for Oil and Gas Companies Act would protect taxpayers and give these prices a decades-overdue update." Source: Representative Katie Porter (Democrat, California, District 45)
H.R. 1517 takes aim at the fossil fuel industry, by ending taxpayer subsidies to oil and gas companies and requiring that American citizens are compensated for the industry's external costs. The bill will amend the existing Mineral Leasing Act, to adjust tax codes for fossil fuel development and resource management. This means an increase in royalties, rental rates, inspection fees, and penalties on oil and gas companies who extract resources from public lands, to the benefit of taxpayers and frontline communities. Sponsor: Rep. Katie Porter (Democrat, California, District 45)
- Biden tax plan replaces U.S. fossil fuel subsidies with clean energy incentives (Reuters)
- Greta Thunberg Says U.S. Fossil Fuel Subsidies Are ‘A Disgrace’ (Forbes)
- Oil-Friendly States Fight Back Against Sustainable Investment Trend (Pew)
- Katie Porter scolds oil executive: 'Please don't patronize me' (The Hill)