Quote:
Originally Posted by BMWbiker
If you had purchased oil on the spot market in late March, 2020, you actually would have been paid to take excess oil off of their hands.
That piece of trivia out of the way, the fact remains that fossil fuels are heavily subsidized, but fossil oil companies don’t want you to pay attention to that fact.
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Okay, it's just not true though. These are data from the EIA August 2023 Report on US subsidies of US energy. These data show natural gas and liquid petroleum products were subsidized at $2B in 2022 (latest data) and renewable energy was subsidized at $15.6B.
Break down the $2B in fossil fuel subsidies that actually goes into gasoline production (as a mobility fuel) and divide it by the 136B gallons of gasoline used in the US in 2022, and the actual impact is less than 1-cent per gallon.
This is the raw data as reported by the Federal Government under the previous Administration (August 2023).