Oil and Gas Subsidies Are Another Lie Detector Test for the DOGE Bros. Musk and Ramaswamy claim they want to cut wasteful spending, so how about this Republican sacred cow? While the exact number is debated, it is clear that ending these industry benefits could reap billions in revenue.
Source: mafco
8 Comments
They don’t exist in the first place. Writing off losses on gas exploration is no different than any other business writing off losses on research and development. Only renewables receive true government subsidies – those need to go away.
https://www.visualcapitalist.com/which-u-s-companies-receive-the-most-government-subsidies/
It’s hard to argue that the industry still needs these subsidies given that it is making record high profits. Taxpayer subsidies just go into the pockets of executives and shareholders.
No won’t happen because that’s socialism for corporate America. Maga is all for that.
by my calculation, which i did a year or 2 back and I stand to be corrected, they amount to an average of around $10,000 per person per year in the US
Oil industry is too important in the South. It’s their cash cow and it funds politicians bug time. Renewable don’t have the political clout compared to the oil giants. So renewable are considered a waste of tax dollars and hurts petroleum based industry. Hence, they get the axe whimemoil gets subsidies due to its criticsl.role in the economy. That’s the *political* logic.
Don’t get me going on wasteful subsidies for corn ethanol. That’s pure for votes. I’d rather subsidize something else, if you need to give someone money.
The article says it’s not clear what the subsidies are. So exactly which subsidies are you proposing to end? Give me specifics!