Iowa Congressman Bruce Braley has filed a bill that would eliminate tax breaks for the oil industry. He says the measure would save $48 billion over the next 10 years. The Democrat from Waterloo says the savings would be used to reduce the federal debt and extend tax incentives for renewable fuels such as ethanol and biodiesel.

“Those current tax incentives were part of the political football at the end of 2010 and are now set to expire at the end of this year,” Braley said. “My bill would extend them through 2016.”

Braley is now seeking cosponsors and support for the bill he calls the Clean Energy Jobs Act. In a press release, Braley stated, “big oil companies are making record profits and at the same time, they’re collecting tax breaks from the government. If we end just a few of these tax breaks, we can create good-paying jobs in Iowa and still have funds left over to reduce our national deficit by billions.”