“The fossil fuel industry is a poster child for corporate welfare.
Federal subsidies and tax breaks prop up fossil fuel development, even when drilling projects should be too expensive to turn a profit. Below-market leasing rates, royalties and fees subsidize oil and gas companies, encouraging them to exploit our public lands and leaving taxpayers on the hook for the environmental damage.
In the “Build Back Better” Act, Congress has an opportunity to make oil and gas corporations play by the same rules as everyone else. The House has included common-sense oil and gas reforms in its version of the bill, and the Senate should follow suit.
Taxpayers should get a fair return from oil and gas companies that drill on publicly owned lands and waters. The House bill would make this change. Right now, these polluters pay below-market rates to extract resources that belong to all Americans.”