Environmental organizations applauded Rep. Maurice Hinchey (D-NY) for introducing legislation that seeks to end subsidies for the international operations of oil companies. The "End Oil Aid" bill, introduced yesterday, calls on international financial institutions including the World Bank, Export Import Bank and Overseas Private Investment Corporation to stop financing oil and gas projects.
"Every year American taxpayers commit billions to financial institutions like the World Bank, which in turn lavish subsidies on the same oil companies who are earning record profits while fueling global warming," said David Waskow, International Program Director at Friends of the Earth U.S. "We congratulate Congressman Hinchey on taking a long overdue step to end the scandal of
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