An analysis that was first shared with The Hill tabulated official and unofficial analyses of the bill's pro-fossil fuel policies and averaged them over a 10-year period.
The report only looks at provisions that specifically help the fossil fuel industry and does not include general corporate tax cuts that are likely to bolster those firms as well as others.
It points to industry savings from tax breaks, fee reductions for producing fuels on public lands and in public waters and funding for the industry, among other policies.
Sen. Jeff Merkley (D-Ore.) argued that the measure, which President Trump signed into law in July, prioritizes corporations, including fossil fuel companies, over everyday Americans.
"In 2024, Donald Trump stood before a room of wealthy oil executives and promised to protect their interests if they spent $1 billion to help elect him. He has now upheld his end of the bargain — slashing health care and food assistance for struggling families in the Republicans' Big, Ugly Betrayal bill to deliver a massive $3.5 billion tax giveaway per year to the fossil fuel industry," Merkley, the top Democrat on the Senate Budget Committee, said in a written statement.
White House spokesperson Taylor Rogers touted the administration's pro-fossil fuel policies.
"Thanks to President Trump's energy dominance agenda, American oil production has hit record highs and gas prices are at multi-year lows. After four years of Democrats waging war on America's energy independence, the President has stopped costly and unpopular Green New Scam handouts while delivering on his promises to unleash American energy," Rogers said in a statement.
The White House also noted that the fossil fuel spending pales in comparison to green subsidies that were passed as part of the Democrats' Inflation Reduction Act. The 2022 Democratic bill included a total of $391 billion over 10 years for low-carbon energy and other efforts to combat climate change.
Read more at TheHill.com.
No comments:
Post a Comment