Memo To EPA Chief Pruitt: Let’s End Subsidies For Fossil Fuels, Not Renewables
A new research by Oil Change International brings us updated. Revealed earlier this month, it discovered that federal subsidies in 2015 and 2016 averaged $10.9 billion a yr for the oil and gas industry and $3.8 billion for the coal industry. By contrast, the wind industry’s so-called production tax credit score, renewed by Congress in December 2015, amounted to $3.Three billion last yr, according to a Congress Joint Committee on Taxation (JCT) Petroleum estimate. Not like the fossil gasoline industry’s permanent subsidies, crude oil market definition Congress has allowed the wind tax credit to expire six times in the final 20 years, and it’s now set to decline incrementally until ending in 2020. Similarly, Congress fastened the photo voltaic industry’s investment tax credit at 30 % of a project’s value via 2019, however lowered it to 10 percent for commercial tasks and zeroed it out for residences crude oil market definition by the end of crude oil market definition 2021. The JCT estimates that the photo voltaic credit amounted to a $2.4-billion tax break last 12 months. Totaling it up, fossil fuels — at $14.7 billion — nonetheless received two-and-a-half times more in federal support than solar and wind in 2016.
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