Can Obama really cut oil companies’ tax breaks ?
To the Huffington Post quoting Associated Press : ” President Barack Obama says it’s time to roll back “billions of dollars in tax breaks” for oil companies and use the money for clean energy research and development. “
We have seen it here in numerous occasions : fossil fuel companies are receiving each years billions to keep dirty energy cheap. This was nice in the 20th century when energy was expensive and as there were no alternatives.
But nowadays low carbon solutions like solar and wind exist. Their expansion would be strongly accelerated if the tax breaks where shifted to this sector.
This would create millions of green jobs and slash greenhouse gases emissions, two things we truly need today as we are facing the triple crisis.
I do hope President Obama – and his counterparts around the world – will finally shift the tax breaks in the right direction.