No More Subsidies for Fossil Fuel

No More Subsidies for Fossil Fuel

There’s no way to move to renewable energy sources like wind and solar without ending the subsidies to an industry that’s already earning record-breaking profits.

Copy Link
Facebook
X (Twitter)
Bluesky
Pocket
Email

After an enormously successful campaign to stop the Keystone XL Pipeline from being built, 350.org and numerous allies are gearing up for a major new fight to end four billion dollars in subsidies the fossil fuel industry receives each year.

There’s no way to move to renewable energy sources like wind and solar without ending the subsidies to an industry that’s already earning record-breaking profits: Exxon-Mobil is currently the most profitable corporation in the history of capitalism.

These subsidies are delivered through the tax code but they are essentially no different from government spending programs that provide money directly. As Seth Hanlon explained on Think Progress: “Some of these tax earmarks have been around for nearly a century, and the deep-pocketed industry has successfully challenged previous repeal attempts. But today’s high gas prices and inflated profits have undermined the industry’s argument that their tax breaks benefit consumers. Meanwhile, federal budget deficits have sharpened Congress’s focus on eliminating wasteful government spending—of which oil subsidies are one of the worst examples.”

So, the time is right to challenge the longstanding advantages the fossil fuel industry has enjoyed in this country. If you’re ready to join this fight, sign on with 350. Over the next month, the group will issue a series of alerts designed to ramp up the pressure on elected officials by having them publicly declare where they stand on the question of subsidies.

The first step is this petition, designed to show Congress how important this issue is, and to alert every member of Congress that an army of concerned citizens are taking this issue very seriously. As Bill McKibben says in this stirring video message, “This fight is a lifetime fight.” Join the battle now.

 

Support The Nation’s June Fundraising Campaign

With the midterm elections now firmly upon us, the question is whether Democratic candidates will do more than merely occupy ballot lines as mild alternatives to the red-hot crisis that is Donald Trump.

As Trump spends over $1 billion a day on a globally destabilizing war on Iran and admits that he doesn’t “think about Americans’ financial situation,” millions across the country are struggling with the surging costs of essentials. Democrats must seize this moment and advance bold, small-“d” populist ideas—not settle for cynical caution that once again snatches defeat from the jaws of victory.

The Nation elevates progressive ideas, movements, and elected officials achieving real change across the country into the national conversation. At the same time, our journalists are exposing how crypto and AI-funded super PACs are spending hundreds of millions of dollars to knock out candidates they oppose, reporting on the devastating impact of the Supreme Court’s evisceration of the Voting Rights Act, and sounding the alarm on attempts by red states to quickly redraw electoral maps, disenfranchising Southern Black voters.

We can play this critical role because of support from readers like you. This June, we’re raising $20,000 to power The Nation’s independent journalism in the run-up to November’s immensely consequential elections.

It’s in our power to build a more just society, and your support at this critical moment brings us closer to that bold vision. I hope you’ll donate today.

Onward,

Katrina vanden Huevel
Editor and Publisher, The Nation

Ad Policy
x