Committee for a Responsible Federal Budget

Democrats Target Oil and Other Fossil Fuel Subsidies

Oct 19, 2011 | Taxes

Yesterday, a group of 14 Senate Democrats sent a letter to the Super Committee, urging them to eliminate oil subsidies for the top five oil companies. The basis for this recommendation is the "Closing Big Oil Tax Loopholes Act," which failed to pass the Senate back in May. According to the letter, that bill would save $21 billion over ten years.

This letter is similar, albeit smaller in scope, to one that 38 House Democrats sent last Friday. That letter called for eliminating all fossil fuel subsidies, including "last in, first out" (LIFO) accounting, a method of accounting for inventory that President Obama has targeted for elimination. In total, adopting these recommendations would save more than the Senate proposal: $122 billion.

These two letters bring the total number of recommendations to the Super Committee to 31. As the Senate letter shows, submissions from Members of Congress are still coming in, even after the October 14 Congressional committee deadline has passed. We'll be sure to keep updating our table.

Committee/Organization/Individual Date Ten-Year Savings
Center for American Progress (CRFB Overview) 9/6 $1.5 trillion

Senate Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia (Minority) (CRFB Overview)

9/15 $1.4 trillion

U.S. PIRG/National Taxpayers Union (CRFB Overview)

9/15 $1 trillion
Third Way (CRFB Overview) 9/15 $1.7 trillion
Taxpayers for Common Sense (CRFB Overview) 9/16 $1.7 trillion

President Obama (CRFB Overview)

9/19 $1.9 trillion
Sens. McCain, Carper, Coats, and Udall 9/20 N/A
Sen. Coburn  9/21 $300 billion
Rep. Coffman (CRFB Overview) 9/23 $103 billion
Center for Science in the Public Interest (CRFB Overview)    9/27 $200 billion

Sens. Coburn and Lieberman (CRFB Overview)

9/28 >$500 billion
99 Medical Assocations (CRFB Overview) 10/3 $62 billion

78 House Democrats (Medicare) (CRFB Overview)

10/5 $156 billion
65 House Democrats (Nuclear Arsenal) (CRFB Overview) 10/11 $200 billion
House Judiciary Committee (Majority) (CRFB Overview) 10/12 $57 billion
House Democratic Caucus (CRFB Overview) 10/13 N/A
EPI/The Century Foundation (CRFB Overview) 10/13 $4.7 trillion
Senate Small Business Committee (Minority) (CRFB Overview) 10/13 N/A
Senate Armed Services Committee (Majority) (CRFB Overview) 10/14 <$2 billion
Senate Armed Services Committee (Minority) (CRFB Overview) 10/14 N/A
Senate Budget Committee (Bipartisan) (CRFB Overview) 10/14 N/A
Senate Commerce, Science, and Transportation (Bipartisan) (CRFB Overview) 10/14 $7 billion
Senate Finance Committee (Minority) (CRFB Overview) 10/14 N/A
House Financial Services Committee (Majority) (CRFB Overview) 10/14 N/A
House Homeland Security Committee (Majority) (CRFB Overview) 10/14 $8 billion
Senate Homeland Security Committee (Bipartisan) (CRFB Overview) 10/14 N/A
House Science Committee (Majority) (CRFB Overview) 10/14 N/A
Senate Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia (Majority) (CRFB Overview) 10/14 N/A
Congressional Progressive Caucus (CRFB Overview) 10/14 $3.9 trillion
38 House Democrats (Fossil Fuel Subsidies) (CRFB Overview) 10/14 $122 billion
14 Senate Democrats (Oil Subsidies) (CRFB Overview) 10/18 $21 billion