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Sunday, November 18 , 2018, 7:53 pm | Fair with Haze 56º

 
 
 
 

Capps, Colleagues Introduce Legislation to Cut $40 Billion in Oil Subsidies

The bill would eliminate the subsidies over five years

Rep. Lois Capps, D-Santa Barbara, on Thursday joined her colleagues Reps. Earl Blumenauer, D-Ore., Ed Markey, D-Mass., John Conyers, D-Mich., Jim Moran, D-Va., Peter Welch, D-Vt., and David Price, D-N.C., and others to introduce legislation to cut the budget by ending about $40 billion over five years in wasteful subsidies to the oil industry.

The Ending Big Oil Tax Subsidies Act (House Resolution 601) would eliminate subsidies that have worsened the deficit, weakened our energy security, undermined our ability to drive investment in sources of renewable energy and damaged the environment.

“I can think of few better ways to ‘win the future’ than by eliminating these wasteful subsidies to Big Oil and investing the savings in the energy of the 21st century — solar, wave and wind energy,” Capps said. “Eliminating subsidies for some of the world’s wealthiest companies should be a no-brainer. We know Big Oil and their friends in Congress will stand in the way of this important legislation, and we’ll hear some of the same false arguments we always hear. But the American people know better. They know it’s time for a 21st-century energy policy that creates jobs, gets our economy growing again and protects our health.”

— Ashley Schapitl is press secretary for Rep. Lois Capps, D-Santa Barbara.

 

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