“It’s no secret that Trump and Republicans are on the fossil fuel industry and vice versa,” Rees said. “The fossil fuel industry spent hundreds of millions of dollars to get Republicans and Trump elected. Then, they came up with a wish list. Almost everything on those wish lists was fulfilled, and in fact, they got other benefits from many other wish lists.”
This new study builds on past work on international oil changes, a math conducted in 2017 to the national fossil fuel subsidies Then find The $20 billion a year goes out to enter the industry. To compile the new report, Rees and his colleagues sorted out the funds from various federal government data every year to the oil, gas and coal industries.
The issue that exactly constitutes federal subsidies is a topic of debate. Environmental groups tend to pay a wider range of public funds for fossil fuels, including federal funds not directly allocated to oil companies; conservative groups have taken a narrower approach. (For its report, IP Changes IT uses the subsidy definition set by the World Trade Organization to calculate domestic funding for fossil fuels.)
Rees said the calculations in this report “may be layoffs” due to the lack of transparency across the federal government. “We may have missed something – some corners of the budget funding fossil fuels in different ways.”
The $4 billion new annual subsidy mainly comes in the form of subsidies included in the A Large Bill Act passed this summer. Ironically, one of the biggest new subsidies is the expansion of the tax credit for carbon capture and storage, which is related to the provisions of the Inflation Reduction Act, where President Trump runs for a reversal. (However, a big Bill Bill Act does it Break sternly Tax credits for wind and solar energy, enforce some of Trump’s campaign promises. )
Carbon capture and storage are the process of capturing CO2 Emit and inject deep into them. The oil and gas industry has been injected for decades2 Underground to help restore difficult reserves that have poor responses to traditional drilling methods. Environmentalists own Long argued The logic of replicating oil and gas technologies into climate solutions is severely flawed, especially given that companies can inject climate tax credits2 It will then be used to create more fossil fuels.
In the original inflation reduction bill (which greatly expanded the existing carbon tax credit), there was a price difference in the tax credit: producers get more money per ton of companies2 They are isolated underground without any oil production, while CO is even less2 Specialized for producing more oil and gas. But a large bill removes this difference even if they are using CO2 Produce more fossil fuels. The analysis found that in a Large Bill Act, the total tax credit for carbon-captured tax credits could send more than $1.4 billion in public funds to oil and gas companies each year.
