A new report by Oil Change International reveals that U.S. taxpayers continue to foot the bill for more than $20 billion in fossil fuel subsidies each year. These subsidies amount to billions in wasteful spending propping up an industry responsible for a climate crisis that has contributed to lives lost and hundreds of billions in damages this hurricane season alone.
The October 2017 report lays out a comprehensive analysis of U.S. federal and selected state subsidies supporting the production of oil, gas, and coal. The analysis highlights some of the $14.7 billion in annual federal subsidies and $5.8 billion in yearly state-level incentives.
The report presents a number of key recommendations, including an immediate end to all tax breaks supporting fossil fuel exploration and production, halting efforts to extend and expand tax credits for unconventional fossil fuel production technologies, and rejecting campaign donations from the fossil fuel industry.