As a result, fossil fuel tax subsidies, as well as other mechanisms of support, have received additional scrutiny from lawmakers and the public regarding their current suitability, scale and effectiveness. The 116th Congress is weighing potential policy mechanisms to reduce the impact of climate change and cap global warming to an internationally agreed upon target of no more than 2 degrees Celsius (3.6 degrees Fahrenheit). Additionally, numerous clean and renewable alternatives exist, which have become increasingly price-competitive with traditional fossil fuels. Today, the domestic fossil fuel industries (namely, coal, oil and natural gas) are mature and generally highly profitable. Some of these subsidies have been around for a century, and while the United States has enjoyed unparalleled economic growth over the past 100 years-thanks in no small part to cheap energy-in many cases, the circumstances relevant at the time subsidies were implemented no longer exist. tax code to promote or subsidize the production of cheap and abundant fossil energy. Numerous energy subsidies exist in the U.S. There is a long history of government intervention in energy markets. See our latest white papers on fossil fuel subsidies and fossil fuel externalities. Environment & Energy Congressional Round-Up.House and Senate Renewable Energy & Energy Efficiency Caucuses.Congressional Renewable Energy and Energy Efficiency EXPO.
National Security and Energy Independence.
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