Sen Hawley calls on Energy Secretary Granholm to resign in heated exchange over stock trades

Posted on April 16, 2024 by Latest Political News on Fox News

Sen. Josh Hawley, R-Mo., called on Energy Secretary Jennifer Granholm to resign Tuesday following a heated exchange over her past financial transactions.

Hawley's tense back-and-forth with Granholm came during a Senate Energy and Natural Resources Committee hearing held to review the Department of Energy's (DOE) 2025 budget request. The Missouri Republican excoriated the energy secretary for violating the STOCK Act and for continuing to own shares of individual companies last year despite testifying that she did not own any individual stock.

"It is outrageous that you misled us. It is outrageous that you are continuing to mislead us," Hawley remarked. "This has got to change. And, frankly, you should go."

Early in her tenure leading the Department of Energy, it was revealed that Granholm violated the STOCK Act nine times by failing to disclose $240,000 worth of stock sales within the legally-mandated time frame.

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And separately, in a June 2023 letter to Energy and Natural Resource Committee leadership, Granholm said she owned shares of six unnamed individual companies worth up to $120,000 and that her husband owned $2,457.89 worth of shares in Ford Motor Co. at the time of her under-oath testimony before the panel months prior.

During the April 20, 2023, hearing, Granholm told Hawley that she was "not owning individual stocks." After discovering her and her husband's ownership of stock, Granholm sold her husband's Ford shares on May 15, 2023, and sold her remaining individual stock holdings days later, according to her letter.

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"You neglected to report it to this committee for months afterwards," Hawley asked Granholm during the hearing Tuesday. "Why did you mislead this committee?"

"Oh, my goodness," Granholm responded. "I believed that I had sold all individual stocks, and I was incorrect. So, I came back as soon as I found out that, in fact, I had not sold all individual stocks."

Hawley then interrupted her, saying she had waited a month before informing the committee of the transactions.

"I did not hide it because I brought it forth to the committee when I realized that we had made a mistake," Granholm added.

In addition, the GOP lawmaker blasted Granholm for allowing agency employees to own individual stocks. Last year, the Wall Street Journal reported that hundreds of senior DOE officials owned stocks related to the agency's work, a potential conflict-of-interest violation.

He said that senior DOE officials owning stocks reveals the "institutionalized corruption in the Department of Energy."

Granholm responded by saying officials strictly own stocks in companies in areas they do not have any influence over. She also said the agency has a strong ethics office that reviews relevant transactions.

GOP leaders unleash on Janet Yellen over $110B energy tax hike

Posted on March 21, 2024 by Latest Political News on Fox News

FIRST ON FOX: A group of 24 Senate Republicans are calling out the Biden administration for "weaponizing" the tax code to stifle domestic energy production in the president's proposed 2025 budget.

In a letter Thursday to Treasury Secretary Janet Yellen, the GOP lawmakers — led by Sen. John Barrasso, R-Wyo. — highlighted the more than $110 billion in tax hikes targeting domestic production of oil, gas and coal proposed in the budget. They said such an action would only lead to higher prices for Americans and allies worldwide.

"The administration has once again doubled down on weaponizing the tax code against U.S. energy producers," Barrasso and the other senators wrote. "It is alarming that the administration believes utilizing our nation’s abundant natural resources will be detrimental to long-term energy security."

"Sadly, the administration would willingly suppress energy production knowing it means fewer jobs and higher prices for the American people," they continued. "America is fortunate to have abundant energy resources. Our nation needs to be focused on unleashing American energy and innovation instead of throwing away one of our biggest economic and geopolitical advantages."

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Earlier this month, Biden released his fiscal year 2025 budget, a behemoth $7.3 trillion government spending package that Republicans quickly condemned and characterized as a non-starter. As part of the proposal, the Treasury Department released a green book detailing the mechanisms for raising government revenue, a report which listed tax hikes on energy production.

The Republicans noted that in the green book, the Treasury Department explained that it would strip tax incentives worth $110 billion from the energy industry because "oil, gas, and coal tax preferences distort markets by encouraging more investment in the fossil fuel sector than would occur under a neutral system."

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"This market distortion is detrimental to long-term energy security and is also inconsistent with the administration's policy of supporting a clean energy economy, reducing our reliance on oil and reducing greenhouse gas emissions," the Treasury Department added.

Among the tax incentives the budget would strip are the intangible drilling costs incentive, which allows independent producers to deduct expenses related to drilling, and the percentage depletion incentive, which, according to the lawmakers, allows producers to have a deduction of taxable income to reflect the declining production of reserves over time.

In their letter, the Senate Republicans said the administration's explanation in the green book is "troubling" and "acknowledges its intention to chill investment in conventional energy production."

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"It is alarming that the administration believes utilizing our nation's abundant natural resources will be detrimental to long-term energy security," they wrote to Yellen. "Sadly, the administration would willingly suppress energy production knowing it means fewer jobs and higher prices for the American people."

Meanwhile, the budget comes months after the Department of Energy's Energy Information Administration (EIA) published a 59-page report showing that the renewable energy sector enjoys significantly larger taxpayer backing than the fossil fuel industry.

According to the EIA report, while renewable energy sources like wind and solar power account for about 21% of domestic electricity production, such sources received a staggering $83.8 billion in subsidies, by far the largest share compared to any other category.

In addition to Barrasso, Senate Minority Whip John Thune, R-S.D., Sen. Shelley Moore Capito, R-W. Va., Sen. Tim Scott, R-S.C., and Sens. Mike Crapo and James Risch of Idaho also signed the letter.

The Treasury Department did not immediately respond to a request for comment.

Republicans to spearhead oversight hearing on growing Chinese threat to US agriculture

Posted on March 13, 2024 by Latest Political News on Fox News

FIRST ON FOX: A top House panel is planning an oversight hearing to examine the threat China poses to the U.S. agriculture industry as part of broader efforts to curb foreign influence in the key strategic sector.

The hearing — titled "The Danger China Poses to American Agriculture" — will be hosted by the House Agriculture Committee on March 20 and will cover a range of issues related to China's involvement in the domestic agriculture sector. Notably, the hearing will include testimony from South Dakota Gov. Kristi Noem, who has enacted aggressive limitations on foreign ownership of agricultural lands in her state.

"It’s no secret that China poses significant threats to our way of life, agriculture is no exception," Agriculture Committee Chairman Glenn Thompson, R-Pa., said in a written statement to Fox News Digital.

"We’ve seen China steal our intellectual property, hack our cyber infrastructure, and buy up American farmland," Thompson continued. "We will look to every available legislative vehicle, including the farm bill, to stop China in its tracks and strengthen our food and national security."

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According to the committee, the hearing will focus on various ways Chinese entities seek to influence the agricultural industry. In addition to China's growing ownership of productive lands in the U.S., it will examine the intellectual property theft of patented seeds and how cyberattacks harm the industry.

Noem will testify during the hearing's first panel alongside other officials, including Rep. Mike Gallagher, R-Wis., who chairs the House Select Committee on the Chinese Communist Party. A second expert panel will include testimony from Kip Tom, the former U.S. ambassador to the United Nations Agencies for Food and Agriculture.

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Last week, Noem signed legislation prohibiting six foreign governments — China, Cuba, Iran, North Korea, Russia and Venezuela — and associated entities from owning agricultural land in South Dakota. Her office explained at the time that the bill was one of her "top priorities."

"China is aggressively purchasing land and purchasing property close to our strategic national areas that will house our greatest weapons, and we are going to ensure that, in South Dakota, that never happens," Noem remarked at a bill signing event on March 4.

The House Agriculture Committee's hearing comes shortly after the U.S. Government Accountability Office released a sprawling report earlier this year showing that the Department of Agriculture (USDA) has failed to consistently share timely data on foreign investments in U.S. agricultural land as required under the 1978 Agricultural Foreign Investment Disclosure Act.

The USDA's most recent data suggests that, as of 2021, foreign investment in U.S. agricultural land grew to approximately 40 million acres. Additionally, Chinese agricultural investment in the U.S. increased tenfold between 2009 and 2016 alone. However, data on Chinese ownership since 2016 has yet to be released.

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Additionally, in recent months, certain Chinese projects have received local and federal scrutiny. For example, officials in Grand Forks, North Dakota, rejected a Chinese company's proposed corn mill over concerns about its proximity to a U.S. Air Force base in February 2023, and locals have pushed back against Chinese green energy firm Gotion High-Tech's purchase of 270 acres of land in Michigan months later.

The Government Accountability Office conducted its review after Thompson and House Oversight Committee Chairman James Comer, R-Ky., led a letter alongside nearly 130 fellow House Republicans requesting such a probe in October 2022.

"Growing foreign ownership of U.S. farmland, particularly by China, poses a direct threat to our food security and national security," Thompson and Comer said in a joint statement in January.

The USDA did not immediately respond to a request for comment.

Biden reportedly jams brakes on massive energy projects over climate impacts

Posted on January 24, 2024 by Latest Political News on Fox News

The White House has intervened in the permitting process for 17 large natural gas projects, ordering additional climate impact analyses after activists called on the administration to nix the projects, the New York Times reported.

In a move environmentalists have demanded in recent months, the White House is ordering the Department of Energy (DOE) to consider the impact proposed liquefied natural gas (LNG) export terminal projects would have on climate change, three individuals with knowledge of internal deliberations told the New York Times. DOE has never before rejected a gas export application on climate grounds.

"It appears that individuals within the White House are trying to force policymaking through leaks to the media. This continues to create uncertainty about whether our allies can rely on US LNG for their energy security," Shaylyn Hynes, a spokesperson for energy developer Venture Global, said in a statement. "If this leaked report from anonymous White House sources is true, it appears the Administration may be putting a moratorium on the entire U.S. LNG industry."

"Such an action would shock the global energy market, having the impact of an economic sanction, and send a devastating signal to our allies that they can no longer rely on the United States," Hynes added. "The true irony is this policy would hurt the climate and lead to increased emissions as it would force the world to pivot to coal."

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The White House declined to comment on the report and the DOE didn't respond to a request for comment.

Among the projects that would be impacted by the DOE's review is the so-called Calcasieu Pass 2 (CP2) project, a proposed $10 billion LNG terminal located on a 546-acre site in Cameron Parish, Louisiana, which would be the largest export terminal of its kind in the nation.

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According to Venture Global, the facility would have a nameplate export capacity of 20 million metric tonnes per annum (MTPA) of LNG and a peak capacity of about 24 MTPA. In 2023, the U.S. exported 88.9 MT of LNG, according to a FOX Business analysis of tanker tracking data, meaning the CP2 facility would alone increase exports by a staggering 23%.

Meanwhile, Republican lawmakers and fossil fuel industry associations have called for the Biden administration to expeditiously approve pending LNG export terminals, arguing they are key for strengthening the U.S. economy and supporting the energy security of allies in Europe and Asia amid geopolitical turmoil.

"The longer the Biden administration drags its feet on approving new paths for America to develop and supply its allies with clean natural gas, the more this White House empowers our enemies in China and Russia — and the more the American people pay higher energy prices," Sen. John Kennedy, R-La., the ranking member of the Senate Appropriations Subcommittee on Energy and Water Development, told Fox News Digital in a statement.

"Our economy and national security can’t afford for President Biden to stay beholden to climate fanatics who are happy to see our country sacrifice jobs and energy independence for nothing," Kennedy said.

Fellow Republican Louisiana Sen. Bill Cassidy argued during a Senate Energy and Natural Resources Committee hearing this month that LNG export facilities in the U.S. would have an "overwhelmingly" lower carbon footprint than the alternative of coal-fired power generation in foreign nations.

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"This is war on our allies," Cassidy told Fox News Digital. "They depend upon us for their energy and economic security. For apparently political purposes, the Biden administration is deliberately postponing permitting. Putin must have designed this strategy."

And Marty Durbin, the president of the U.S. Chamber of Commerce Global Energy Institute, echoed those comments on Wednesday, saying U.S. LNG plays an "essential role in displacing dirtier Russian gas" that Europe remains reliant on. "Any move to restrict or delay our ability to meet our commitments to our allies is deeply disturbing," he said.

Earlier this month, international energy organizations Eurogas and the Asia Natural Gas & Energy Association (ANGEA) issued strong statements of support for continued permitting of U.S. LNG export terminals. Eurogas said such exports were critical for ensuring the full phase down of Europe's dependence on Russian natural gas, while ANGEA added U.S. LNG is needed to meet Asia's decarbonization goals.

However, LNG export terminals have been opposed by Democrats and environmentalists who argue they would create harmful pollution and contribute to global warming. The issue has led to activists posting videos on social media which, over the last two months, have generated tens of millions of views.

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Additionally, in December, dozens of environmental groups wrote to DOE Secretary Jennifer Granholm, imploring her to reject the CP2 project "for the sake of our climate and communities." Days later, 170 scientists penned a letter to President Biden, asking him to determine CP2 is not in the public interest and to reject it and other pending LNG facilities.

"Putting a stop to expanded gas exports is one of the most important moves President Biden could make on addressing the climate crisis. It would mark a bold and historic decision and a major win for communities and advocates that have long spoken out about the dangers of LNG," Sierra Club Executive Director Ben Jealous said Wednesday.

"These facilities pollute our communities, make energy more expensive for American families, and exacerbate the climate crisis all for the sake of more gas the world does not need," he continued. "Our movement will not give up, and we will keep working to ensure that this reported groundbreaking step will lead to meaningful change."

Further, climate activist Bill McKibben announced he was organizing a civil disobedience protest outside the Department of Energy's headquarters in Washington, D.C., over the permitting of new LNG export terminals. He said the action would mimic the protests that helped nationalize the Keystone XL pipeline fight during the Obama administration.

Biden invokes wartime powers to fund electric heaters as he cracks down on gas appliances

Posted on November 17, 2023 by Latest Political News on Fox News

President Biden invoked a Cold War-era law in a surprising move Friday to pour taxpayer funds into domestic manufacturing of electric heat pumps, an alternative to gas-powered residential furnaces.

In a joint announcement with the White House, the Department of Energy (DOE) said the federal government would award a "historic" $169 million for nine projects across 15 sites nationwide in an effort to accelerate electric heat pump manufacturing. The significant level of funding was made possible after Biden utilized the 1950 Defense Production Act (DPA) to increase domestic production of green energy technologies.

"Getting more American-made electric heat pumps on the market will help families and businesses save money with efficient heating and cooling technology," said Energy Secretary Jennifer Granholm. "These investments will create thousands of high-quality, good-paying manufacturing jobs and strengthen America’s energy supply chain, while creating healthier indoor spaces through home-grown clean energy technologies."

"Today’s Defense Production Act funds for heat pump manufacturing show that President Biden is treating climate change as the crisis it is," added John Podesta, the White House clean energy czar. "These awards will grow domestic manufacturing, create good-paying jobs, and boost American competitiveness in industries of the future."

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And Ali Zaidi, who serves as Biden's national climate advisor, said the president was "using his wartime emergency powers under the Defense Production Act to turbocharge U.S. manufacturing of clean technologies and strengthen our energy security."

Under the actions announced Friday, the DOE will send millions of dollars to companies like Copeland, Honeywell International, Mitsubishi Electric and York International Corporation, all of which are billion-dollar multinational corporations. The projects will advance manufacturing of industrial, commercial and residential heat pump technology.

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"This is absolutely shameful corporate welfare. But we're to believe that, because it's for the sake of climate change, all is well. I think that's ridiculous," Ben Lieberman, a senior fellow at the Competitive Enterprise Institute, told Fox News Digital in an interview.

"Of all the Biden administration's claimed climate emergency declarations, this may be the craziest of them all," Lieberman continued. "There is no shortage of heat pumps — it's just that not every homeowner wants them. Consumers ought to decide for themselves. The government has no role in tilting the balance in favor of one energy source over another. That's clearly what's happening here."

The action Friday comes less than two months after the DOE issued new regulations targeting traditional home gas-powered furnaces as part of its climate agenda and broad effort to curb greenhouse gas emissions.

DOE's finalized regulations, which are slated to go into effect in 2028, specifically require furnaces to achieve an annual fuel utilization efficiency (AFUE) of 95%, meaning manufacturers would only be allowed to sell furnaces that convert at least 95% of fuel into heat within six years. The current market standard AFUE for a residential furnace is 80%.

Because of the stringent AFUE requirements, the regulations would largely take non-condensing gas furnaces — which are generally less efficient, but cheaper — off the market. But consumers who replace their non-condensing furnace with a condensing furnace after the rule is implemented face hefty installation costs.

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"Energy security is a top priority for AGA," American Gas Association President and CEO Karen Harbert told Fox News Digital on Friday. "We are deeply disappointed to see the Defense Production Act, which is intended as a vital tool for advancing national security against serious outside threats, being used as an instrument to advance a policy agenda contradictory to our nation’s strong energy position."

"Increased use of natural gas has been responsible for sixty percent of the electrical grid’s CO2 emissions reductions," she continued. "This vital tool for emissions reductions and energy system resilience should not be unfairly undermined through misuse of the Defense Production Act."

According to the Congressional Research Service, the DPA, which was passed during the Cold War, gives the president a broad set of authorities to influence domestic industry "in the interest of national defense." Invoking the law opens the door for the president access to hundreds of millions of dollars in taxpayer funding for a given national security-related purpose.

Biden previously invoked the DPA to accelerate domestic critical mineral production and to pause tariffs on Chinese solar panel imports, claiming that climate change is a national emergency.

In addition to consumer furnaces, over the last several months, the DOE has unveiled new standards for a wide variety of other appliances including gas stoves, clothes washers, refrigerators and air conditioners. According to the DOE, its past and planned appliance regulations will save Americans $570 billion and reduce greenhouse gas emissions by more than 2.4 billion metric tons over the next 30 years.

White House prohibiting official travel to fossil fuel conferences, internal memo shows

Posted on October 2, 2023 by Latest Political News on Fox News

EXCLUSIVE: The White House is prohibiting senior administration officials from traveling for international energy engagements that promote carbon-intensive fuels, including oil, natural gas and coal, Fox News Digital has learned.

The guidance — which originated from the White House National Security Council (NSC) — was revealed in a Department of Energy (DOE) memo issued internally to agency staff on Sept. 15 and obtained by Fox News Digital. The memo was authored by Deputy Secretary of Energy David Turk who outlined travel restrictions and stated officials are required to obtain approval from the NSC before attending any global energy engagement.

"This guidance sets out a presumption that agencies and departments will pursue international energy engagement that advances clean energy projects," Turk wrote in the memo. "It also outlines a process for seeking limited exceptions to pursue carbon-intensive engagements on a justified geostrategic imperative or energy-for-development/energy access basis."

"The guidance rules out any U.S. Government ‘engagement related to unabated or partially abated coal generation,’" he continued. "Carbon-intensive international energy engagements are those 'directly related and dedicated to the production, transportation, or consumption of carbon-intensive fuels that would lead to additional greenhouse gas emissions.'"

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According to the memo, carbon-intensive fossil fuels include coal, oil and natural gas.

In addition, the memo notes that the guidance became effective in November 2021 and applies to all international energy engagements. Turk issued a separate memo in early April 2022, which first outlined how the DOE would implement the NSC guidance and stated that energy engagements that promote carbon-intensive fuels may only be exempt if they advance national security or are essential to support energy access in vulnerable areas.

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Turk's September memo updated that guidance, stating that for all future engagements, "Departments and Agencies are required to submit exemption justifications to the NSC and receive NSC concurrence before proceeding with a covered engagement."

The DOE referred Fox News Digital to the NSC, which didn't respond to multiple requests for comment.

"The Biden Administration cannot continue to treat the fossil fuels industry as an enemy. Millions of people are employed in this industry which powers our entire nation, our military, our national security, and allows Joe Biden to jet off every weekend to his beach house," Daniel Turner, the founder and executive director of Power the Future who reviewed the memo, told Fox News Digital in a statement.

"This war on American fossil fuels is making us poorer, weaker and more reliant on China and OPEC for our energy," he continued. "These petty, [hyperpartisan], childish games should end before it is too late."

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Since taking office, President Biden has pursued an aggressive climate agenda, seeking to boost green energy technologies like solar and wind while curbing domestic reliance on fossil fuels like those listed by the administration as "carbon intensive." Biden has issued federal goals to ensure 50% of U.S. car purchases are zero-emissions by 2030 and that the power sector is carbon-free by 2035.

However, vehicles with internal combustion engines (gasoline-powered), make up more than 99% of all cars in the U.S. and about 99% of new car sales, according to J.D. Power. And approximately 60% of electricity in the U.S. is generated from fossil fuels, mainly natural gas, while 17% is produced form wind or solar power.

"From the day I came to office, we’ve led with a bold climate agenda," Biden remarked during a United Nations conference last month. "We rejoined the Paris Agreement, convened major climate summits, helped deliver critical agreements on COP26. And we helped get two-thirds of the [world's] GDP on track to limit warming to 1.5 degrees Celsius."

As part of his agenda, Biden and senior administration officials have traveled to global energy conference to boost green energy development.

And officials have largely been absent from global fossil fuel summits like the World Gas Conference, which former Energy Secretary Rick Perry attended during the Trump administration. The Biden administration also opted against inviting oil and gas industry representatives to the White House Methane Summit in July.

"Tackling a challenge of this scale requires not just will and words, but action," the American Petroleum Institute (API) said in a statement on July 26. "We are disappointed that the industries driving the most reductions in methane emissions, including the natural gas and oil industry, were not included."

"API’s members are investing in advanced technology to detect and mitigate emissions, and thanks to industry action, average methane emissions intensity declined by nearly 66 percent across all seven major producing regions from 2011 to 2021. We continue to work with the administration to build on this progress."

Biden admin quietly released study showing green energy receives far more subsidies than fossil fuels

Posted on October 1, 2023 by Latest Political News on Fox News

The Biden administration quietly issued a 59-page report outlining the current scope of federal energy-related subsidies revealed that the renewable energy sector enjoys significantly larger taxpayer backing than the fossil fuel industry.

The report — authored by the Department of Energy's Energy Information Administration (EIA) and published in August — represents the first of its kind since 2018. The EIA analyzed data from 2016 through 2022, and determined that, during that time period, the federal government doled out $183.3 billion in direct and mainly indirect taxpayer subsidies, more than half of which came over the last three years.

"For years Democrats have claimed technologies like solar energy are cheaper than coal, oil, natural gas, and nuclear. This report makes clear that solar is largely dependent on heavy subsidies with taxpayer dollars," Senate Energy and Natural Resources Committee Ranking Member John Barrasso, R-Wyo., told Fox News Digital.

In early 2021, Barrasso and Energy and Natural Resources Committee Chairman Joe Manchin, D-W.Va., requested the analysis to help inform congressional policymaking in a letter to then-EIA Acting Administrator Stephen Nalley. The pair argued such a report would be particularly relevant "as Congress considers calls for a greater level of federal involvement in the nation’s energy systems and markets."

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"Under the Biden Administration, American families are paying too much for energy as it is," the Wyoming Republican continued. "They shouldn’t have to fork over their hard-earned money to support liberal special interests. Solar should be competing for sales in the marketplace, not for subsidies in Washington."

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Energy end use subsidies, like energy efficiency- and conservation-related tax provisions, represented the next-largest slice of energy sector federal subsidies after renewable power, according to the EIA report. End use sources received $64.8 billion in subsidies, equivalent of 35% of total energy-related subsidies doled out by the federal government.

While renewable and end use sources accounted for more than 80% of total energy industry subsides, fossil fuel sources — namely natural gas, petroleum and oil, which account for more than 60% of electricity production and the vast majority of transportation energy — benefited from $24.5 billion, or 13%, in subsidies.

Nuclear power, which produces another 18% of U.S. electricity, received $2.9 billion in subsidies during the analyzed timeframe, the equivalent of 2% of total subsidies awarded.

The reports findings suggest far more taxpayer money is being spent per energy unit produced by green energy sources than for the equivalent energy until produced by fossil fuel energy.

For example, natural gas power generated 44.9 quadrillion British thermal units in 2022, 45% of total energy generated economywide, but received $2.3 billion in taxpayer subsidies that year. That means for every million British thermal units (MMBtu) produced by natural gas, the industry received about $0.05.

By comparison, in 2022, the solar industry generated about 0.6 quadrillion British thermal units, less than 1% of total energy produced economywide in the U.S., but received $7.5 billion in subsidies. That means the solar power industry received $11.9 per MMBtu generated last year.

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The results are as pronounced when comparing coal power which received $873 million in subsidies last year while generating 18 times the amount of power as solar energy.

However, President Biden, his administration and prominent Democratic lawmakers have repeatedly called for an end to fossil fuel subsidies, arguing they distort the market and unfairly disadvantage alternative energy sources.

"The President is committed to ending tens of billions of dollars of federal tax subsidies for oil and gas companies. Even as they benefit from billions of dollars in special tax breaks, oil companies have failed to invest in production," the White House earlier this year.

The statement came after Biden unveiled his proposed fiscal year 2024 budget which proposed to strip $31 billion worth of "special tax treatment" for oil and gas company investments in addition to other fossil fuel tax preferences over the next several years.

"We are subsidizing the danger. As we’ll hear today, the United States subsidizes the fossil fuel industry with taxpayer dollars," Senate Budget Committee Chairman Sheldon Whitehouse, D-R.I., said during a hearing in May. "In the United States, by some estimates taxpayers pay about $20 billion dollars every year to the fossil fuel industry. What do we get for that? Economists generally agree: not much."

"But the really big subsidy is the license to pollute for free," he continued. "The IMF calls this global free pass an "implicit" fossil fuel subsidy. Economists call it an 'unpriced externality.' Behind these benign-sounding phrases is a lot of harm."