Eliminate Federal Tax Breaks and Subsidies for Oil and Gas

February 29, 2008

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The federal government currently invests billions of dollars annually in tax breaks and other subsidies for oil and gas, including royalty relief, research and development subsidies, and “accounting gimmicks”.  Given the high price of oil, oil companies are making record profits and do not need this government assistance. It is time to shift this federal investment—more than $6 billion per year—away from high-carbon dirty sources of energy and toward the clean energy necessary to power a low-carbon economy. Redirecting this investment toward policies to promote low-carbon energy alternatives will help  transform our economy and capture the energy opportunity this transformation provides.

For more information on the Center for American Progress' comprehensive strategy for creating a low-carbon economy, please see:

• Capturing the Energy Opportunity: Creating a Low-Carbon Economy, by John Podesta, Todd Stern, Kit Batten

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