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President Joe Biden is proposing to eliminate more than a dozen tax breaks for fossil fuel companies in an effort to align the tax code with his aggressive climate regulatory agenda.
It’s a welcome move for environmentalists and Democrats, who have long called for an end to fossil fuel subsidies. In fact,
a clean energy tax proposal advanced by Democrats on the Senate Finance Committee late last month targets many of the same favorable provisions for oil and gas companies as Biden.
However, oil and gas groups say removing those tax provisions would be a huge blow to the industry, especially for smaller producers operating on thin profit margins. The effect would be even greater when combined with regulatory moves such as Biden’s leasing pause and other budgetary fiscal provisions that propose raising taxes on fossil fuel companies, according to the groups. ....

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