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In keeping with President Obama’s call to end fossil fuel subsidies, the latest budget proposal includes several significant cuts to oil, gas and coal subsidies. More than $36 billion are targeted at the oil and gas industry and just over $2 billion in cuts directed towards the coal industry.

Similar to last year’s budget request, the fiscal year FY2011 budget repeals several long-standing oil and gas subsidies, saving an estimated $36.7 billion over the next ten years. New this year, the FY2011 budget also proposes the elimination of $2.28 billion in coal subsidies. In addition, general tax and subsidy reforms will save $126.9 billion, largely from subsidies that benefit the oil and gas industries. For nearly a century, taxpayers have provided billions of dollars in subsidies to the oil and gas industry, this proposal takes the first step toward reining in decades of giveaways.

For more information, please contact Autumn Hanna at (202) 546-8500 x112 or autumn [at] taxpayer.net.