When President Barack Obama in January pledged to push his green agenda further here in the United States, he wasn’t playing. In fact, his pledge is as serious as the $40 billion in tax breaks for coal, gas and oil producers that he has proposed to cut over the next 10 years in an effort to put more “greens” – or money – toward the green movement.
Obama’s move to renew his fossil fuel proposal has been met with some opposition, as Republicans argue that it would result in a loss of jobs as fossil fuel companies look overseas for their operations. However, Obama also is being celebrated in environmental circles, as his efforts could boost spending in green energy areas by 25 percent.
Obama essentially has introduced plans to facilitate a $4.75 billion cut in tax credits for oil companies next year and to abolish $3.49 billion in drilling costs so as to save the abovementioned $40 billion by 2022.
In addition, research in fossil-fuel energy, mostly for carbon capture and storage efforts, would be reduced by 21 percent, being funded only at $421 million next year.
Under 2013 budget proposals, energy efficiency and renewable energy should receive $2.27 billion, an increase from $1.81 billion, with more attention being paid to solar power as well. Some Obama proponents say the choice actually could create more jobs in the growing green economy.
“We need to reduce our dependence on foreign oil by ending the subsidies for oil companies and doubling down on clean energy that generates jobs and strengthens our security,” Obama said recently.
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