Activists Demand Congress Stop Subsidizing Fossil Fuels

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Activists Demand Congress Stop Subsidizing Fossil Fuels
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500+ groups across the U.S. demand Congress stop subsidizing fossil fuels and, a rally featuring Representatives Ilhan Omar and Ro Khanna, and a giant dinosaur skeleton

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Q1 2021 hedge fund letters, conferences and more

Activists Demand From The Congress To Cut Fossil Fuel Subsidies

WASHINGTON, DC – Friends of the Earth Action, together with Sierra Club, Oxfam America, Greenpeace USA, Natural Resources Defense Council, Food and Water Watch, Oil Change International, DNC Environment and Climate Crisis Council, and a wide range of health, environmental and other groups across the nation, are calling for Congress to pass significant cuts to fossil fuel subsidies embedded in the tax code in an in-person rally today.

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The rally, taking place in Washington D.C., is accompanied by a letter urging House Speaker Nancy Pelosi and Majority Leader Chuck Schumer to support the “elimination of fossil fuel subsidies and other giveaways in any infrastructure, economic recovery and/or reconciliation legislative package.” Additionally, more than 132,000 people across the country have submitted petitions calling for an end to fossil fuel subsidies.

“I can’t believe we’re still talking about this,” said Lukas Ross, Climate & Energy Program Manager at Friends of the Earth U.S. “For over a hundred years, fossil fuel corporations have cashed in on tax cuts and other shameless giveaways. Leaving these gimmicks on the books would be a monumental failure of climate leadership.”

The rally features several representatives as speakers, including Representative Ro Khanna (D-CA), Representative Nanette Barragan (D-CA), Representative Ilhan Omar (D-MN), and Representative Earl Blumenauer (D-OR).

A recent analysis from Friends of the Earth showed that oil giants Chevron and Conoco have been lobbying to protect a huge subsidy which was targeted for elimination by President Biden. It is an $84.7 billion loophole dating from the Trump tax cut that exclusively benefits giant companies with overseas income.


About Friends of the Earth

Friends of the Earth fights to create a more healthy and just world. Our current campaigns focus on promoting clean energy and solutions to climate change, ensuring the food we eat and products we use are safe and sustainable, and protecting marine ecosystems and the people who live and work near them.

Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)www.valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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