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Jane Richey / March 8, 2012

The Truth About Oil Subsidies

To hear the president and Democrats talk, you’d think that Big Oil was sucking the Treasury dry with huge subsidies.  Almost a year ago I wrote about the federal government’s “subsidies” to Big Oil.  I said then, “They are all tax ‘breaks’… about $4.3 billion per year — about 0.2% of this year’s deficit and enough to fund about 10 hours of current US government spending.”

Well look at that: tax subsidies for all fossil fuels were only 15% of all federal subsidies for energy.  The Green alternatives of renewables and “efficiency” took 78% of all tax subsidies for energy.  Big Oil has so much influence on Capitol Hill that our government subsidizes its competitors five times more.  Fossil fuels provide 77% of our nation’s energy yet receive just 15% of the federal government’s tax subsidies.

“Alcohol fuels,” which include ethanol, took $6.1B of tax subsidies, or more than twice as much as oil, gas, and coal combined.

Check out the charts and read more here.

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Filed Under: Constitutionally Limited Goverment, Free Markets, Politics Tagged With: alcohol fuels, Big Oil, green energy, oil subsidies

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