"As the congressional leaders decide on members for the new bipartisan debt-reduction super committee, green advocacy groups are already on the offensive, calling on the committee to cut billions of dollars in tax breaks and energy subsidies for the oil and gas industry."
"'By how voters have responded, cutting the outrageous energy subsidies to the mature industries would be an incredibly easy place to start' cutting spending, said Scott Slesinger, legislative director for the Natural Resources Defense Council.
Repealing the tax breaks and subsidies could save the government around $50 billion over ten years, $37.2 billion from energy subsidies and $21 billion from oil and gas tax credits. The committee is charged with finding by $1.3 trillion in savings over the next ten years.
But the cost of such subsidies, green advocates and academics allege, is actually much larger."
Lucia Graves reports for the Huffington Post August 10, 2011.
SEE ALSO:
"With Upton on Supercommittee, Battle Over Oil Subsidies Intensifies" (Greenwire/Subscription Only)
"Fred Upton Prepares for His Super Committee Role" (Politico)
"The Simplest Multi-Billion Dollar Budget Cut of All: Oil Subsidies" (Treehugger)
"Who Bankrolls The Super Congress?" (Politico)
"House Budget Chair Ryan Backs Cutting Oil Subsidies" (Reuters/April 29, 2011)
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