March 28, 2022
For Immediate Release
BIDEN FOLLOWS BETO’S LEAD ON SUPPORTING TAX INCREASES ON ENERGY PRODUCERS
“Anti-oil and gas President Joe Biden joined Texas energy job killer Beto O’Rourke in calling for tax increases on oil and gas producers that will kill hundreds of thousands of Texas jobs.” – Mark Miner, Communications Director
Today President Biden Released A Budget Calling For “The Elimination Of A Variety Of Tax Breaks Employed By Oil And Other Fossil Fuel Industries.” “President Joe Biden is again proposing to eliminate tax breaks for oil and gas production, potentially driving up costs on one of Texas’s largest industries as the administration seeks to address climate change. In the $5.8 trillion budget proposal released by the White House Monday, Biden is calling for the elimination of a variety of tax breaks employed by oil and other fossil fuel industries, including deductions for drilling costs and credits for marginal wells.” (James Osborne, “Biden, Again, Proposes Eliminating Tax Breaks For Oil, Gas Production – Potentially Driving Up Costs,” Houston Chronicle, 3/28/22)
O’Rourke Supports Ending Tax Breaks For Oil And Gas Producers. “Beto O’Rourke released a proposal Monday outlining his plan to slash carbon emissions and finally wean the United States off of fossil fuels. … The $5 trillion proposal would be catalyzed by an initial $1.5 trillion investment, which his campaign says would be funded by ‘structural changes to the tax code’ that end corporate tax breaks for fossil fuels and other industries.” (Kate Wheeling, “Can Ending Fossil Fuel Subsidies Pay For Beto O’Rourke’s Climate Plan?,” Pacific Standard, 4/30/19)