Legislation Ending Oil Industry Tax Breaks Will Foster Better Energy Choices

March 26, 2012
NRDC: “We need to quit rewarding an industry that keeps us addicted to their product.”

The Senate is scheduled to vote today on a proposal to repeal billions in oil industry tax incentives funded by the American people.

The bill, sponsored by Sen. Robert Menendez (D-N.J.), would re-direct those taxpayer dollars to promote the development of renewable energy sources, which will reduce our oil dependency and help lower our gas bills. The oil industry currently receives about $4 billion in tax breaks.

Following is a statement from Natural Resources Defense Council Executive Director Peter Lehner:

“We’ve been giving tax breaks to the oil industry for decades, and what have we gotten in return? Gas prices that keep going up and an oil industry monopoly on our transportation system.

“We need to quit rewarding an industry that keeps us addicted to their product. We need to quit letting Big Oil play us for fools. Instead, let’s improve and increase our choices for energy and transportation, and promote solutions that don’t pollute our water and air or sicken our children.

“Sen. Menendez’s bill is an important step toward doing that.”

For Peter Lehner’s blog on the gas price blame game, see here.

For more details on strategies we can use to move beyond oil, see NRDC vehicle analyst Luke Tonachel’s blog here.

And to speak to an NRDC expert on this topic, please contact Bob Keefe at [email protected] or Elizabeth Heyd at [email protected].