Bloomberg News

Lawmakers Offer Bill to End U.S. Subsidies for Oil, Gas, Coal

May 10, 2012

Senator Bernie Sanders and Representative Keith Ellison introduced legislation to repeal U.S. subsidies that benefit oil, gas and coal companies.

The bill would end tax breaks, relief from royalty payments, and direct federal spending on fossil-fuel research and development valued at about $113 billion over 10 years, according to Sanders, a Vermont independent who often votes with Democrats, and Ellison, a Minnesota Democrat.

Paying subsidies to “hugely profitable” fossil-fuel companies is an “absurdity,” Sanders said today at a Washington news conference.

To contact the reporter on this story: Jim Snyder in Washington at jsnyder24@bloomberg.net

To contact the editor responsible for this story: Steve Geimann at sgeimann@bloomberg.net


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