End Polluter Welfare Act gaining tractions in the U.S.

End Polluter Welfare Act gaining tractions in the U.S.

May 23, 2012 0 By Stephen Vagus

U.S. beginning to take a stand against fossil-fuel subsidies

The U.S. government’s financial support of fossil-fuels and the companies that produce them is well known. The government provides subsidies to these companies in order to ensure affordable access to fuel for consumers and federal operations. Though these subsidies are considered mandatory by the government, they have seen no end of criticism from a significant portion of the U.S. populace. Earlier this year, President Obama took a stand against these subsidies, claiming that the country should take alternative energy more seriously. The president called for an end to fossil-fuel subsidies, a notion that has taken the spotlight after federal legislators introduced a new bill known as the End Polluter Welfare Act.

Act could cut financial support of fossil-fuels

The act aims to make drastic cuts to the subsidies provided to fossil-fuel companies in an effort to reclaim some semblance of economic control over the country’s energy consumption. If successful, the legislation would put an end to nearly $114 billion in subsidies provided to these companies. This would create a powerful demand for alternative energy to fill the gap, which it may or may not be able to do considering difficulties with technology and storage problems.

Organization aims to garner support for ambitious legislation, making note of the economic impact of subsidies

350.org, and online environment advocacy group that promotes political action on climate change and energy, has launched a campaign to show the economic impact that these fossil-fuel subsidies have had on the country. According to the organization, more than $113 trillion will be spent by the government on fossil-fuel subsidies over the next ten years. The organization also notes that in the 11 days since the bill was introduced, more than $300 million has been lost to these subsidies.

Petition to support legislation already boasts of more than 100,000 supporters

The organization has launched a petition to show support for the End Polluter Welfare Act. Thus far, the petition has garnered well over 100,000 signatures and is expected to collect more the longer Congress goes without taking action on the matter. Though the petition will not have any direct political implications, it may serve as a sign to legislators that U.S. citizens are taking the matter of economics and alternative energy more seriously.