Sen. John Barrasso, R-Wyo., speaks during a news conference at the U.S. Capitol on Sept. 19, 2023. (Anna Moneymaker/Getty Images)
Earlier this month, Biden released his fiscal year 2025 budget, a behemoth $7.3 trillion government spending package that Republicans quickly condemned and characterized as a non-starter. As part of the proposal, the Treasury Department released a green book detailing the mechanisms for raising government revenue, a report which listed tax hikes on energy production.
The Republicans noted that in the green book, the Treasury Department explained that it would strip tax incentives worth $110 billion from the energy industry because "oil, gas, and coal tax preferences distort markets by encouraging more investment in the fossil fuel sector than would occur under a neutral system."
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"This market distortion is detrimental to long-term energy security and is also inconsistent with the administration's policy of supporting a clean energy economy, reducing our reliance on oil and reducing greenhouse gas emissions," the Treasury Department added.
Treasury Secretary Janet Yellen speaks during a press conference in Mexico City on Dec. 6, 2023. (RODRIGO OROPEZA/AFP via Getty Images)
Meanwhile, the budget comes months after the Department of Energy's Energy Information Administration (EIA) published a 59-page report showing that the renewable energy sector enjoys significantly larger taxpayer backing than the fossil fuel industry.
According to the EIA report, while renewable energy sources like wind and solar power account for about 21% of domestic electricity production, such sources received a staggering $83.8 billion in subsidies, by far the largest share compared to any other category.
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In addition to Barrasso, Senate Minority Whip John Thune, R-S.D., Sen. Shelley Moore Capito, R-W. Va., Sen. Tim Scott, R-S.C., and Sens. Mike Crapo and James Risch of Idaho also signed the letter.
The Treasury Department did not immediately respond to a request for comment.
Thomas Catenacci is a politics writer for Fox News Digital.
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https://www.foxnews.com/politics/gop-leaders-unleash-janet-yellen-over-110-billion-energy-tax-hike