I listen to Biden saying he will eliminate fossil fuel subsidies and wonder how much $ are we talking about.

According to the attached article, " Conservative estimates put U.S. direct subsidies to the fossil fuel industry at roughly $20 billion per year; with 20 percent currently allocated to coal and 80 percent to natural gas and crude oil. "

https://www.eesi.org/papers/view/fact-sheet-fossil-fuel-subsidies-a-closer-look-at-tax-breaks-and-societal-costs

Just talking gasoline, The US consumes about 391 million gallons per day or 142.7 billion per year.

The Federal tax on gas is 18.4 cents per gallon

Total take on gas consumed = $26 billion

$20 billion is chump change for a $26 billion return

Am I missing something here?

Edit. Fixed error, but still a pretty good ROI

$26 trillion

I haven't checked your math, but are you saying the Federal government collects $26 trillion a year from fuel tax. Seems quite high considering that is more than the entire federal deficit.

With 26 trillion in tax revenue from gasoline we could fund half of the Dems policies

Tax breaks aren't subsidies.

TomFoolery said:

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With 26 trillion in tax revenue from gasoline we could fund half of the Dems policies

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But of course one of those is to end gasoline consumption.... real catch 22

I'm not really sure what "subsidies" oil and gas companies get. I know we get the same business breaks everyone else does. We just happen to have a very capital heavy business.

TheMasterplan said:

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Tax breaks aren't subsidies.

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Exactly. Every company in the US gets to write off the majority of its operating expense. The OP's source document rolls O&G drilling expense into direct subsidies.

DrEvazanPhD said:

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I'm not really sure what "subsidies" oil and gas companies get. I know we get the same business breaks everyone else does. We just happen to have a very capital heavy business.

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It's the intentionally repeated lie. The overheated D base voter that thinks electrical power comes from a hole in the wall also thinks that oil production is paid for by cash handouts. They don't pay taxes, so they don't know what deductible expenses are, nor do they have any concept of the benefits they and the rest of the world receive every day from the energy industry.

The value created by the energy industry permeates everything that moves. The professional D's realize this and want to add their layer of "protection" to the process that ends up with them controlling more cash.

Tax breaks for losses on risky and capex heavy exploration activites are not subsidies. It's one of many lies of the left. It's done to encourage exploration activity which creates jobs and wealth.

You wan to talk subsidies, take a look at many of the so called "green" industries. WInd farms wouldn't exist if not for dem sponsored subsidies. Mandating ethanol content in gasoline, there's a huge subsidy for the corn industry.

Oil and Gas gets "Subsidies..."

and ACB will have abortion outlawed by 5pm today.

Both are things the left wants you to believe.