Sec. 101. 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; the Congressional Research Service estimates that from 1948 to the present, United States investments in fossil-fuel research and development totaled over $48,000,000,000 (in 2011 dollars), while investments in renewable energy totaled over $22,000,000,000; the 5 largest oil corporations have made more than $1,000,000,000 in profits in the decade prior to the date of enactment of this Act; and United States taxpayers should not be subsidizing oil, natural gas, and coal companies in a period of record debt.