Federal tax breaks and subsidies
Carbon capture and storage $2.3 billion
Renewable energy $12.2 billion
Corn ethanol $16.8 billion
Fossil fuels $70.2 billion
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Politics in the Zeros
"A republic, if you can keep it." Defeat MAGA
Politics in the Zeros
"A republic, if you can keep it." Defeat MAGA
If we took away the fossil fuel subsidies and gave it all to renewable energy producers, you’d see renewable energy be the #1 energy source in America at a price cheaper than $4 a gallon that it is now for gasoline. Not to mention that all the oil companies would immediately start producing renewable energy just to suck on that government subsidy tit.
Keep in mind that our current economy requires artificially-cheap fossil fuels to function. Without those subsidies, diesel would likely hit $6 per gallon or more (it’s closer to $10 in parts of Europe and Asia). That means trucking cheap goods from China all over the country would no longer feasible, potentially putting millions of truckers, handlers, and Wal-mart workers on unemployment. The upside is, local businesses would thrive as they no longer felt the downward price pressure of our government subsidizing prison labor in China.
There would be serious economic changes if we had to pay what auto and truck fuel really costs, but not all of them would be bad.