Eliminating oil and gas subsidies will help realize "a clean energy future" by signaling the need to research and develop new fuels. The Senate introduced the issue earlier this year with "S. 2204: Repeal Big Oil Tax Subsidies Act," but was shot down, 51 to 47. However, following the election and the renewed attention to climate change, all levels of government should reconsider ending the subsidies. This plan will not harm domestic energy producers. Instead, it provides the government an opportunity to reduce spending and decrease the dramatic deficit by $4 billion. Even redirecting 25-50% to new investment in renewable energy still saves $3-2 billion, respectively. This reform will help make the United States a leader in renewable energy while reducing unnecessary spending.
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