A new analysis from Oil Change International found that the federal government provides $30B+ in annual subsidies to the fossil fuel industry—2X the amount from 2017. (TCD)
The report says most of the money benefits major producers like ExxonMobil, Chevron, BP, Shell, and TotalEnergies, which collectively earned $100B+ in profits last year.
Subsidies often take the form of tax breaks, direct payments, or price controls, which researchers say encourage new fossil fuel production that wouldn’t otherwise happen.