Fossil Fuels To Be Terminated After Newest Biden Policy | WHAT REALLY HAPPENED

Fossil Fuels To Be Terminated After Newest Biden Policy

President Joe Biden is suggesting killing over a dozen tax breaks for fossil fuel companies to align the tax code with his aggressive climate administrative agenda.

It’s a welcome move for environmentalists and Democrats, who have long requested an end to fossil fuel subsidies. In fact, a clean energy tax proposal promoted by Democrats on the Senate Finance Committee late last month aims many of the same favorable provisions for oil and gas firms as Biden.

However, oil and gas organizations say removing those tax provisions would be a tremendous blow to the industry, particularly for smaller producers operating on thin profit margins. The effect would be even bigger when coupled with regulatory moves such as Biden’s leasing pause and other budgetary fiscal provisions that propose boosting taxes on fossil fuel companies, according to the groups.