Memo To EPA Chief Pruitt: Let’s Finish Subsidies For Fossil Fuels, Not Renewables
A new examine by Oil Change International brings us up to date. Published earlier this month, residential heating oil it found that federal subsidies in 2015 and 2016 averaged $10.9 billion a yr for the oil and gas industry and $three.Eight billion for the coal industry. By distinction, the wind industry’s so-called production tax credit, renewed by Congress residential heating oil in December 2015, amounted to $3.3 billion final year, in accordance with a Congress Joint Committee on Taxation (JCT) residential heating oil estimate. In contrast to the fossil fuel industry’s permanent subsidies, Congress has allowed the wind tax credit to expire six instances within the final 20 years, and it is now set to decline incrementally until ending Tube Heat Exchange in 2020. Similarly, Congress mounted the solar industry’s investment tax credit score at 30 % of a project’s value through 2019, however lowered it to 10 p.c for industrial projects and zeroed it out for residences by the end of 2021. The JCT estimates that the photo voltaic credit amounted to a $2.Four-billion tax break final yr. Totaling it up, fossil fuels — at $14.7 billion — nonetheless acquired two-and-a-half instances more in federal assist than photo voltaic and wind in 2016.
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