Sec. 2. Findings
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Congress finds that— President Obama joined other world leaders from the Group of Twenty in pledging to phase out wasteful fossil-fuel subsidies; the Environmental Law Institute found that from 2002 through 2008, Federal fossil-fuel subsidies in the United States totaled over $72,000,000,000, while Federal renewable-energy investments totaled $12,200,000,000; according to Taxpayers for Common Sense, the 5 largest oil corporations have made more than $1,000,000,000,000 in profits during the past decade; according to the Center for American Progress, the 5 largest oil corporations posted more than $70,000,000,000 in profits in just the first 3 quarters of 2013; according to the Center for Responsive Politics, the entire oil and gas industry spent $105,000,000 on lobbying in the first 3 quarters of 2013, which was an effective investment in protecting their extraordinary tax loopholes and subsidies; and taxpayers in the United States should not be subsidizing fossil fuel companies in a period of record debt.