Contrary to the claims of “new direction” by House Budget Committee Chairman Paul Ryan, the narrowly House-approved budget and tax plan continues to pander to Big Oil.
The budget reprises the annual $4 billion in tax breaks for wealthy oil companies, while slashing 80 percent of investments for clean energy over the next ten years. These cuts include a $3 billion cut in clean energy programs in 2013 alone –a billion dollars less than the tax breaks Ryan’s budget hands to Big Oil.
With their $137 billion in profits in 2011 alone, the five largest oil companies hardly need the extra help. Instead of investing in new clean energy technologies and industries, Paul Ryan’s budget keeps pushing money back to the oil companies making record-breaking profits while Americans pay more and more for dirty energy.