Obama Seeks to End $46.2 Billion in Energy Tax Breaks in Decade
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The Obama administration will seek to repeal $46.2 billion in subsidies for oil, natural gas and coal companies in the next 10 years, to fund renewable energy spending, Energy Secretary Steven Chu said.
The plan is part of President Barack Obama’s commitment to lower dependence on fossil fuels and increase to 80 percent the share of U.S. electricity from “clean” sources by 2035. Cutting the subsidies will help pay for $8 billion in “clean energy” investments, Chu wrote on his blog yesterday. The president is scheduled to present the 2012 budget on Feb. 14.