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The CPC’s Better Off Budget calls for the ending of Fossil Fuel subsidies over the next decade. This plan would save the US Government $118 billion, in fact closing just one of these loopholes, the “percentage depletion allowance” would save the US taxpayers $13 billion dollars over the next decade. The American taxpayers can no longer afford to subsidize one of the most profitable industries in history. In 2013 alone the Big Five Oil companies, earned $93 billion dollars in profit, all the while adding greenhouse gases to the atmosphere making climate change worse. Stakeholders across the political spectrum are in agreement the time is now to end fossil fuel subsidies. Don’t believe us or curious how you, and the environment, will be better off with fossil fuel subsidies gone? Check out the video below done by The International Monetary Fund (IMF). SPOILER: IMF finds that energy subsidies paired with negative fossil fuel impacts total Two Trillion dollars Annually. YIKES!
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