Biden budget targets U.S. fossil fuel subsidies

Factbox: Biden budget targets U.S. fossil fuel subsidies U.S. President Joe Biden proposed a budget on Thursday that would scrap billions of dollars in oil and gas industry subsidies reviving a perennial debate about whether fossil fuel companies should be receiving lucrative tax breaks. Reuters Reuters

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While the proposal has little chance of making it through a divided Congress, it represents a political signal from the White House, which has repeatedly criticized Big Oil for raking in record profits at a time of high consumer energy costs since the Russian invasion of Ukraine.

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