Obama calls for end to oil subsidies


Sierra Club’s 2010 Hands Across the Sand event at Lake Calhoun in Minneapolis called for an end to offshore oil drilling

Not to be outdone by Donald Trump’s plan to lower gas prices,  President Obama called on Congress to end oil subsidies less than a day after Speaker of the House John Boehner expressed a willingness to look at eliminating some subsidies to the oil industry.  President Obama asked that the money currently subsidizing oil and gas be used to invest in clean energy solutions

Excerpt from President Obama’s letter to Congress:

“Our outdated tax laws currently provide the oil and gas industry more than $4 billion per year in these subsidies, even though oil prices are high and the industry is projected to report outsized profits this quarter.”

President Obama advocates removing these subsidies from the nation’s 2011 and 2012 budgets. The Sierra Club fully supports ending subsidies to all dirty fuels (oil and coal) and investing in renewable, clean energy solutions.

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