Today, Sens. Chuck Grassley of Iowa and Tom Udall of New Mexico introduced a bill that that takes a step toward ending subsidies for oil and gas companies. Renewable Fuels Association President and CEO Geoff Cooper released the following statement: "We applaud Sens. Chuck Grassley (R-IA) and Tom Udall (D-NM) for introducing bipartisan legislation today that closes a century-old tax loophole exploited by oil companies and takes a step toward leveling the playing field for all transportation fuel producers. Study after study show that the oil and gas industry benefits each year from billions of dollars in hidden subsidies, write-offs, incentives, and other giveaways. If oil producers and refiners truly want a 'free market' in the energy sector, they should start by giving up the subsidies and tax preferences that have robbed state and federal coffers for 100 years or more. We hope this bill sets lawmakers on a path toward comprehensive energy tax policy reform, and that the end result is a fair and open market that offers true competition and consumer choice."
