President Biden Pledges to End $90 Billion in Subsidies for Gas Companies

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U.S. President Joe Biden and his administration have been supportive of electric vehicles (EVs), and in a recent move, the White House has pledged to end major tax breaks for oil companies.

In a press conference promoting his “Build Back Better” proposal on Wednesday, U.S. President Joe Biden promised to end tax breaks for fossil fuel companies which raise as much as $90 billion dollars in revenue for the government, according to the National Review.

President Biden said the proposal would “make polluters pay to clean up the messes they’ve made,” perhaps citing the environmental destruction that has been caused by a wide range of gas and fossil fuel companies.

Biden went on to say, “We’re not asking them to do anything that is unfair. We’re just not going to subsidize them anymore, they’re doing well thank you.”

The comments also come during a wave of high inflation following the COVID-19 pandemic, with gas prices surging across the U.S. to their highest points in years.

Earlier this year, the Biden administration also put forward a $174 billion plan set to help accelerate EV production, charging, and adoption, as part of a larger infrastructure bill.

President Biden also suggested during the press conference that, among recent heatwaves and other climate change-related bouts of extreme weather, the climate crisis needed to be dealt with – and slowing down fossil fuel companies is one way to do just that.

Biden said, “We can’t wait any longer to deal with the climate crisis. We see with our own eyes, and it’s time to act.”

The move to end subsidies for fossil fuel companies bodes well for electric vehicle automakers such as Tesla and others.

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