Biden Pledges to End $90 Billion Worth of Tax Breaks for Gas Companies
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During a Wednesday press conference to promote his “Build Back Better” agenda, President Biden pledged to end tax breaks for energy companies in the fossil-fuel business, raising $90 billion dollars in revenue for the federal government.
The president justified the proposal as it would “make polluters pay to clean up the messes they’ve made,” seemingly nodding to oil spills, natural gas leaks, and other mishaps.
“We’re not asking them to do anything that is unfair. We’re just not going to subsidize them anymore, they’re doing well thank you,” Biden said in reference to the oil conglomerates.
Biden’s comments come as gas prices have surged across the nation, reaching their highest levels in years, amid inflationary pressures resulting from pandemic supply and demand squeezes.
The Colonial pipeline hack and shutdown exacerbated the disequilibrium, cutting off 45 percent of all fuel consumed along the East Coast for four consecutive days after a ransomware attack on the facility.
The gargantuan size and scope of the “Build Back Better” infrastructure package has had many Republican lawmakers concerned about its price tag and how to fundraise for it. Given its unprecedented expense, Biden’s payment plan so far involves a treasure chest of tax hikes on corporations and on the wealthy’s income, as well as IRS enforcement crack downs.
Related to his call to hold gas companies accountable for their “messes” and contributions to global warming, Biden discussed Wednesday his administration’s strategy to combat the “climate crisis.”
He mentioned that he met with eight western state governors, including Republicans and Democrats, last week to talk about the extreme heat wave, record drought, and raging wild-fire season ripping through their region. He added that extreme weather is also plaguing the Midwest and the eastern seaboard.
“We can’t wait any longer to deal with the climate crisis. We see with our own eyes, and it’s time to act,” Biden said.
