Remember the Green Scissors report from last year that suggest to save money cut ethanol subsidies? Well, the latest version is now available. Green Scissors 2011 says that ending a half trillion in environmentally harmful subsidies will go a long way to solving our budget woes. The report, sponsored by Friends of the Earth, The Heartland Institute, Public Citizen, and Taxpayers for Commonsense, provides a roadmap for savings up to $380 billion over five years. The group says this equals the amount the congressional Super Committee has been charged with cutting in half the time.

The authors write in the report, “While all four groups have different missions, histories, goals and ideas about the role of government, we all agree that we can begin to overcome our nation’s budgetary and environmental woes by tackling spending that is not only wasteful but environmentally harmful.”

So what do they want to cut? Fossil fuel, nuclear, alternative energy, and crop subsidies to name a few. They also want to cut land and water projects and kill road projects along with some Army Corps of Engineers water projects.

According to the report the federal government could end the following programs and save the United States:

• $72,000,000,000 for general revenue transfers to the Highway Trust Fund
• $30,000,000,000 for crop insurance
• $4,820,000,000 for Oil and Gas Royalty relief

Several lawmakers reacted to the report and Rep. Earl Blumeanauer (D-OR) said, “The 2011 Green Scissors Report is a reminder that it’s time for Congress to have a serious, rational discussion about cutting the budget. With painful budget cuts already under discussion that will require American families to make sacrifices, it is only fair, for example, that we also stop the handouts to our richest oil companies.”

Hey, I’m all for cutting budgets and its good to see that the report recommends cutting energy subsidies across the board, but I must ask what would happen to our energy bills if poof, over night they’re all gone? Will we we lose our innovation in alternative energy technologies and be stuck with the status quo? Now how environmentally friendly is that?