The White House officially endorsed a Democrat-backed bill to repeal billions of dollars in oil industry tax breaks Monday, arguing that major oil companies don’t need “wasteful subsidies” because they are making massive profits.
“This money can be better spent promoting domestic manufacturing, encouraging the development of clean energy technologies that will reduce our dependence on oil, and cutting the deficit,” the White House said in an official “statement of administration policy.”
The statement praised the legislation, which was sponsored by Sen. Robert Menendez (D-N.J.). The bill would repeal $24 billion in tax deductions for the largest oil companies over the next decade. It would also extend a slew of key renewable energy tax credits.
