White House Eyeing Phasing Out of Fossil Fuel Subsidies
(Chattahbox) The new study released by the Environmental Law Institute entitled, “Estimating U.S. Government Subsidies to Energy Sources: 2002-2008,” provides the Obama administration with an additional weapon for the phasing out of fossil fuel subsidies in the United States. According to the study, the fossil fuels industry was awarded more than twice the level of subsidies than renewable energy sources received from the U.S. government in fiscal 2002 through 2008. The combination of government spending and tax breaks amounted to $72.5 billion for fossil fuels and a paltry $29 billion for renewable sources of energy.
… The study also documented the permanent nature of many fossil subsidies that are written into the federal tax code, while those “…subsidies for renewables are time-limited initiatives implemented through energy bills, with expiration dates that limit their usefulness to the renewables industry.” READ MORE Download report
