House Votes to Tax Big Oil, Fund Renewable Energy
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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