- Joined
- Jul 21, 2014
- Messages
- 9,770
- Location
- Broken Arrow, OK
- Display Name
Display name:
SoonerAviator
From your own source: "During FY 2016-22, most federal subsidies were for renewable energy producers (primarily biofuels, wind, and solar), low-income households, and energy-efficiency improvements."
Also, of all of the "subsidies" for O&G, the only one of any consequence (averages around $629M/yr) is the "Excess of Percentage over Cost Depletion" tax treatment. You can call it a "subsidy", but it's a tax provision that every single mining company in the US has available to them. It isn't specific to O&G or anything in Energy for that matter. It's just a tax treatment that mining, timber, natural resources, etc use to reduce taxable income by capturing extraction costs. I mean, you can take that out of the tax code, but it's not really an O&G-subsidy but does drive almost the entirety of favorable gov't tax treatment for the energy industry. Renewables get similar tax treatment for expenditures on wind farm lease costs and infrastructure. If we're getting rid of subsidies and tax deductions, O&G isn't going to hardly feel it. Wind, Solar, and Biofuels would likely cease to exist profitably. I'm fine with eliminating the tax treatments across the board, as well as the "subsidies" for all parties.
FY2016-2022
O&G: $7.6B
Solar: $32.9B
Wind: $18.3B
Biofuels: $54.3B