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Congress Moving Closer to Ending Oil Subsidies?

1 min. read

Is Congress moving closer to ending subsidies on oil companies, even as those companies make enormous, multi-billion-dollar profits? We've been urging that for a long time, and now it's looking a bit more likely, based on the following two news items. First, here's Paul Ryan, chairman of the House Budget Committee, agreeing that oil subsidies and "corporate welfare" should end.

Next, here's a plan by Senate Finance Committee chair Max Baucus "to end billions of dollars in wasteful tax breaks for large, multinational oil and gas companies while investing in cleaner and cheaper domestic energy sources."

Now, let's just hope that Congress follows through in the near future.