BPA applauds Obama's plan to end tax breaks for oil companies
The Biomass Power Association on May 2 commended President Obama’s pledge to work with Congress to end taxpayer subsidies to oil companies and instead promote American-made renewable energy.
In his weekly Internet address, which took place April 30, the president announced that “tax giveaways [to oil companies] aren’t right,” following quarterly earnings statements from ExxonMobil that showed a $10.7 billion profit, up 69 percent from the same period last year.
“If the United States is truly serious about reducing our national dependence on foreign oil–and curbing the harmful emissions that result from burning fossil fuels for electricity–then we must level the playing field to create fair competition in the energy sector,” said Bob Cleaves, president and CEO of the BPA. “President Obama’s proposal to eliminate tax breaks for oil companies would be a momentous step in this direction, allowing for alternative, clean energy sources like biomass to expand our share of the energy market.”
Biomass is a form of renewable energy that utilizes wood waste material like tree trimmings and industrial byproducts to produce electricity. The use of these materials to generate power reduces landfill waste and helps protect America’s forests by removing highly flammable forest floor debris.