Federal subsidies for the fossil fuel industry have more than doubled since 2017 to an estimated $34.8 billion each year, a new analysis from Oil Change International has found. The report’s authors say that amount could soar to hundreds of billions of dollars in the years to come if lawmakers fail to rein in subsidies for controversial carbon capture and hydrogen technologies.
Subsidies for Fossil Fuel Firms Have Doubled Since 2017, Now $35 Billion a YearOil and gas companies could gobble up billions in tax credits if lawmakers don’t act, warn the authors of a new report.By Mike Ludwig , TRUTHOUT