No breaks for fossil-fuel producers

Sen. Bernie Sanders (I-Vt.) and Rep. Keith Ellison (D-Minn.) have penned legislation that would prevent future subsidies for the oil, coal and natural-gas industries.

For years, fossil-fuel industries have enjoyed such perks as tax breaks, financial assistance, royalty relief and federally funded research and development, according to The Huffington Post. The End Polluter Welfare Act, introduced on May 10, would save an estimated $110 billion in the next decade. The bill is supported by groups like Friends of the Earth, Taxpayers for Common Sense and 350.org. The Yale Project on Climate Change reported 70 percent of Americans opposed federal subsidies for fossil-fuel industries as of November 2011.

“We ensure that never again can a company like BP take a tax deduction for money spent cleaning up its own mess in the Gulf of Mexico,” Sanders said.