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House Votes to Tax Big Oil, Fund Renewable Energy

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House Votes to Tax Big Oil, Fund Renewable Energy

Environment

House Votes to Tax Big Oil, Fund Renewable Energy

House Votes to Tax Big Oil, Fund Renewable Energy

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House lawmakers passed a bill Wednesday to take away $18 billion in tax breaks for U.S. oil companies and use that money to promote renewable energies. Republicans say taking away the tax breaks could make it harder for U.S. companies to compete globally.

RENEE MONTAGNE, host:

NPR's business news starts with renewable energy versus big oil.

Take away subsidies from big oil and put them towards wind and solar power. That's what House lawmakers voted to do yesterday. They passed a bill that would repeal $18 billion in tax breaks for big oil and use that money to promote renewable energies. Similar bills have been shot down by the Senate before. Republican opponents say taking away the tax breaks for U.S. oil companies could make it harder for them to compete globally.

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