Why is the US still providing oil and gas subsidies when those industries accrued record profits in 2021? Shouldn't those go to cleantech?
combine to boost profitability and, by extension, production levels of oil and gas. Subsidies make oil and gas cheaper than they otherwise would be, since the subsidies reduce the costs of developing new oil and gas fields and therefore, the market price of these fuels.
And it’s not just subsidies — other indirect forms of government support can also confer financial benefits to the oil and gas industry. Specifically, oil and gas producers especially gain from not having to pay the full costs of well closure and remediation or those related to proper management and disposal of hazardous wastes generated from their operations.
The economics of industry subsidy dependence also depends on other factors, including the perceived risks of developing new oil and gas fields, whether due to reduced access to capital or due to uncertainty in market demand for oil and gas. seeks to amend the Internal Revenue Code of 1986 and impose a windfall profits excise tax on crude oil and to rebate the tax collected back to individual taxpayers. The Big Oil Windfall Profits Tax proposal makes transparent the profit-gorging of fossil fuel companies amid Russian President Vladimir Putin’s invasion of Ukraine.
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