Full Title: Big Oil Agrees to Accept Equal Tax Treatment
Author(s): Representative Ro Khanna
Publisher(s): U.S. House Committee on Oversight and Reform, Subcommittee on the Environment
Publication Date: May 10, 2021
Full Text: Download Resource
Description (excerpt):
Today, Rep. Ro Khanna, Chairman of the Subcommittee on the Environment, released a Fact Sheet detailing reasons to repeal fossil fuel subsidies. The fossil fuel industry plays by different tax rules than the rest of American business, spends over $100 million in political contributions to preserve their preferential treatment and prevent government action to curb climate change, and receives billions of dollars in tax giveaways as a result.
The Fact Sheet was published following a hearing held by the Environment Subcommittee on Earth Day to review the impact of fossil fuel subsidies on climate action. During the hearing, witness Mr. Frank Macchiarola of the American Petroleum Institute stated that the oil and gas industry is “certainly fine being treated like every other industry.” He also said, “If you want to take the entire tax code and treat the oil and gas industry as every other industry, we’re happy to do that.”