Budget 2025-6: Cut the Budget By Ending Fossil Fuel Subsidies!

Today I take pen in hand and write to urge you to end or seriously cut fossil fuel subsidies. Want to cut waste? Fossil Fuel Subsidies is an area that we can save significant money. The continued subsidization of fossil fuels represents a significant barrier to transitioning towards a sustainable and equitable energy future. Recent data reveals the staggering costs involved, with fossil fuel subsidies in the United States totaling $757 billion in 2022 alone. This includes $754 billion in implicit subsidies, which are societal costs like negative health impacts and environmental degradation borne by the public rather than producers. Moreover, federal tax revenues from natural gas and petroleum have plummeted in recent years, with subsidies exceeding revenue by $2.1 billion in fiscal year 2022, representing a net loss for the government. While the Inflation Reduction Act provided some incentives for emission reductions, it also extended tax credits for carbon capture and storage, which primarily benefit the fossil fuel industry. It is imperative that we phase out these distortionary subsidies and instead invest in clean energy solutions that prioritize public health, environmental protection, and a just transition for workers and communities. The Biden Administration's fiscal year 2024 budget proposal had attempted to eliminate 13 fossil fuel tax preferences, which could reduce the federal deficit by nearly $31 billion over the next decade. We need to do this again. Congress should seize this opportunity and enact legislation that ends unnecessary giveaways to polluting industries. Continuing to prop up fossil fuels with public funds is fiscally irresponsible and environmentally destructive. I urge you to heed the mountains of scientific evidence and economic realities by swiftly enacting measures to eliminate fossil fuel subsidies and investing instead in an equitable clean energy economy that benefits all Americans. Thank you.