"With a $4.5 trillion fight over tax cuts looming, the oil and gas industry wants to protect billions of dollars in tax benefits it enjoys and get new ones, too."
"If the only things certain in life are death and taxes, you might say corporate lobbyists spend much of their time trying to avoid at least one of the two. Few industries understand this better than oil and gas, which has benefited for at least a century from some tax rules that save them billions of dollars in payments annually.
The world’s nations have agreed to phase out fossil fuel subsidies globally. The Biden administration pledged to axe them domestically. Still, they persist.
Now, with Republicans in Congress and the Trump administration determined to enact $4.5 trillion in tax cuts and desperately looking for revenue and spending cuts to pay for them, some environmental advocacy groups are highlighting the tax benefits that flow to one of the world’s most profitable industries, which the Biden administration estimated at $110 billion over the decade ending in 2034.
The oil and gas industry, meanwhile, is playing both offense and defense, trying to maintain the benefits it has while working to enact at least one new one, which would shield some oil companies from a tax enacted as part of the Inflation Reduction Act of 2022."
Nicholas Kusnetz reports for Inside Climate News March 24, 2025.
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