Casten and Experts Agree: Fossil Fuel Subsidies are Harmful to US Energy Market
Casten and Experts Agree: Fossil Fuel Subsidies are Harmful to US Energy Market
Washington, D.C. — Today, during a House Oversight Committee hearing, U.S. Congressman Sean Casten (IL-06) highlighted his legislation to repeal over $6 billion in tax subsidies currently enjoyed by fossil fuel companies raking in record profits.
“The People Over Petroleum Act would take just 6 billion of the most egregious tax subsidies, eliminate them today. And give every American a $500 Check. That's only 1% of the subsidy,” said Rep. Sean Casten.
In May, Reps. Casten, McEachin (VA-04) and Blumenauer (OR-03) introduced the ‘People Over Petroleum Act’ -- legislation to deliver Americans a $500 direct cash rebate paid for by eliminating 11 of the most egregious tax subsidies flowing to fossil fuel companies.
“The International Monetary Fund has calculated that including the indirect costs which are transferred from taxpayers and Americans on to those shareholders works out to $662 billion a year,” said Rep. Casten. “That is more than we spend on Medicaid and almost as much as we spend on national defense. The only country that subsidizes their fossil fuel sector more than the United States is China. Many of my colleagues believe that we should be number one, I do not want to win that race.”
During the hearing, Dr. Isabella Weber, Assistant Professor Economics at the University of Massachusetts Amherst agreed with Rep. Casten that there are no good economic reasons to maintain the current level of subsidies provided to the fossil fuel sector.
You can watch Rep. Casten’s full questioning by clicking here.
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