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Report says fossil fuel industry gained $190bn in tax breaks after Trump call
The report estimates industry savings of $190bn over 10 years, while senators warn taxpayers would face higher energy bills and pollution related public health costs.
A new report by US senators says the fossil fuel industry secured an estimated $190bn in tax breaks and subsidies over the next decade after responding to Donald Trump’s pre election call for major campaign donations, according to Guardian Business.
The senators estimate the figure using existing tax breaks and subsidies plus new benefits tied to what they call the One Big Beautiful Bill Act, and they argue the arrangement would raise costs for American households through higher energy bills and increased damages tied to climate change and air and water pollution.
The report, released on Thursday by Senator Sheldon Whitehouse and Senate Democratic leader Chuck Schumer, also accuses the administration of refusing to cooperate with congressional oversight, saying that non cooperation “complicated” the investigation, Guardian Business reports.
The senators cite political spending by industry figures including an estimated $201m investment in Trump’s re election campaign and $19m in contributions to his inaugural fund, which the report describes as the largest political investment the industry has ever made, and they say Trump appointed 26 senior officials with prior experience in fossil fuel, chemical, or other polluting industries across multiple agencies.