"Federal subsidies for the fossil fuel industry have more than doubled since 2017 to an estimated $34.8 billion each year, a new analysis from Oil Change International has found. The report's authors say that amount could soar to hundreds of billions of dollars in the years to come if lawmakers fail to rein in subsidies for controversial carbon capture and hydrogen technologies."
"As the Trump administration attempts to crush research on climate change and erase the intensifying global crisis from the headlines, the fossil fuel industry is enjoying a massive return on its investments in the United States political class, which includes at least $445 million spent to influence the 2024 elections. Despite global efforts to transition toward cleaner energy, the administration is slashing regulations and racing to approve new infrastructure that will ensure the continued burning of fossil fuels for decades."
Federal subsidies for the fossil fuel industry more than doubled since 2017 to an estimated $34.8 billion per year. Subsidies could soar to hundreds of billions of dollars if lawmakers do not rein in support for controversial carbon capture and hydrogen technologies. The Trump administration is cutting climate research, rolling back regulations, and approving new infrastructure that extends fossil fuel use for decades. The fossil fuel industry spent at least $445 million to influence the 2024 elections. Legislation under both administrations has increased subsidies, and a GOP budget law added nearly $40 billion over the next decade while extending tax breaks.
#fossil-fuel-subsidies #carbon-capture-and-hydrogen #political-spending-and-lobbying #regulatory-rollbacks
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