Biden Calls For Raising Taxes On Oil Drillers Amid Energy Crisis

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President Joe Biden’s budget proposes to scrap more than $45 billion in fossil fuel subsidies, his administration’s latest attack on the beleaguered industry.

The White House budget will remove more than a dozen fossil fuel industry tax credits, increasing the federal government’s revenue by an estimated $45.2 billion between 2023-2032, according to the proposal published Monday. The administration explained that the proposal was written to prevent further fossil fuel investment.

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“These oil, gas, and coal tax preferences distort markets by encouraging more investment in the fossil fuel sector than would occur under a neutral system,” the Department of the Treasury wrote in its general budget explanation.

“This market distortion is detrimental to long-term energy security and is also inconsistent with the Administration’s policy of supporting a clean energy economy, reducing our reliance on oil, and reducing greenhouse gas emissions,” the department added.

dailycaller.com/2022/03/29/joe-biden-gasoline-prices-tax-credits-oil-drillers/

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