American taxpayers will pay billions of dollars in supporting new fossil fuels thanks to the big beautiful bill

“It is not a secret that Trump and the Republicans are on the side of the fossil fuel industry and vice versa,” says Reese. “The fossil fuel industry has spent hundreds of millions of dollars in the election of the Republicans and Trump’s election. Then they presented their wishes. It was fulfilled almost everything in the lists of desires, and in fact, they got a set of good things that were not even in these lists of desires.”

The new research depends on the previous work of Oil Change International, which the last time in mathematics supported the national fossil fuel in 2017, Find then 20 billion dollars was leaving the door to the industry every year. To collect the new report, Rais and his colleagues combed a variety of federal government sources on the amount of money that comes from the door to oil, gas and coal industries every year.

The question about the exact federal support is the subject of some discussion. Environmental groups tend to have a wider scope of obtaining public funds spent on fossil fuels, including federal funds that have not been distributed directly to oil companies; Conservative groups, at the same time, follow a more narrow approach. (For his report, Oil Change International used the definitions of the subsidies set by the World Trade Organization in the account of the local fossil fuel financing.)

Due to the lack of transparency throughout the federal government, the accounts in this report are likely to be “likely to be unlimited,” says Reese. “Perhaps there are some things that we missed – some budget angles that finance fossil fuels in different ways.”

4 billion dollars comes in the new annual subsidies to a large extent in the form of subsidies received in the one beautiful bill law that was approved this summer. Ironically, one of the largest new subsidies – the expansion of tax credit to capture and store carbon – relates to provisions of the Law of Inflation, which President Trump carried a campaign on the contrary. (Act of the beautiful big bill, however, Cracked On the tax credits of wind and solar energy, part of the Trump campaign promise is carried out.)

Carbon capture and storage is the process of picking a company₂ Emissions and injecting them under the ground. I have achieved the oil and gas industry for decades participated₂ Underground in order to help recover difficult reserves that do not respond well to traditional drilling methods. Environmental protection advocates He has long argued The logic of frequent oil and gas technology as a climate is dangerously flawed – especially given that the company can earn tax credit from CO injection₂ It will then be used to create more fossil fuels.

In the original inflation law, which greatly expanded the tax credit to capture the current carbon, there was a differentiation of prices in tax credits: producers got more money per ton of CO₂ They have been isolated under the ground without any oil production, and less for Co₂ It is used specifically to produce more oil and gas. But the beautiful big bill law that canceled this difference, allowing producers to assemble full credit even if they are using CO₂ To produce more fossil fuels. The analysis found the total expansion of the tax credits to capture carbon in the one beautiful bill, and the analysis sent more than $ 1.4 billion from public funds to oil and gas companies every year.