Biden budget to target U.S. fossil fuel subsidies
...HOW MUCH ARE THEY WORTH?
Calculating the cost of U.S. subsidies for the fossil fuel industry is complex because the incentives stretch across the U.S. tax code, but estimates range from $10 to $50 billion per year
WHAT DO THE SUBSIDIES INCLUDE?
U.S. oil and gas subsidies include provisions ranging from incentives for domestic production, write-offs and deductions tied to foreign production and income, and approved accounting methods that can reduce the stated taxable value of assets.
One specific U.S. tax break on domestic production, for example, called intangible drilling costs, allows producers to deduct a majority of their costs from drilling new wells. ...