3w ago

US Taxpayers Will Pay Billions in New Fossil Fuel Subsidies Thanks to the Big Beautiful Bill

www.wired.com

Archived copy of the article

This hurts the US, but it benefits the oil executives who paid a billion dollar bribe

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silence7 @slrpnk.net

3w ago

US Taxpayers Will Pay Billions in New Fossil Fuel Subsidies Thanks to the Big Beautiful Bill

www.wired.com /story/us-taxpayers-will-pay-billions-in-new-fossil-fuel-subsidies-thanks-to-the-big-beautiful-bill/

14 comments

There is not a single thing this guy does that is not designed to take money from people who have less than him. He's only happy if you're suffering and he is not, because that makes him feel better than you.
Remember last November when we didn't have to do this?
Everyone should stop working
- Well, I think doctors and farmers and journalists should keep working
  
  Neat
Anyone who pretends to be surprised by this is either a liar, a moron, or both.
While at the same time paying more for the now unsubsidized renewables.
Speed running the end of civilization! Go MAGA!
Fossil fuel companies spent millions of dollars getting Trump elected last year; one report from the advocacy group Climate Power puts the total number at $445 million.
...
the amount of public money the US will now spend on domestic fossil fuels stands at least $34.8 billion a year.
That's a good ROI
- Carbon capture and storage is the process of capturing CO2 emissions and injecting them deep underground. The oil and gas industry has for decades injected CO2 underground to help recover difficult reserves that don’t respond well to traditional drilling methods. Environmentalists have long argued that the logic of replicating an oil and gas technique as a climate solution is seriously flawed—especially considering that a company could reap a climate tax credit from injecting CO2 that will then be used to create more fossil fuels
  Ohhh, the fuckery
  
  In the original Inflation Reduction Act, which significantly expanded the existing carbon capture tax credit, there was a price differential baked into the tax credits: Producers got more money per ton of CO2 they sequestered underground without any oil production involved, and less for CO2 used specifically to produce more oil and gas. But the One Big Beautiful Bill Act eliminated this differential, allowing producers to collect on the full credit even if they are using CO2 to produce more fossil fuels. The total expansion of tax credits for carbon capture in the One Big Beautiful Bill Act, the analysis found, could send out more than $1.4 billion of public money to oil and gas companies each year.
The US has been subsidizing fossil fuel production for more than a century
This country is run by idiots. You're supposed to tax fossil fuels out of existence, not subsidize them..
- They want to destroy the planet as soon as they possibly can just for the sake of greed
So business as usual. Death to amerikkka.
Won't someone think of the poor oil execs and saudi princes? /s
This technology in-between time is so uncomfortable. I feel like we have all this potential but we're just stuck, it is so disheartening, hopefully we'll get over it sometime but it's not looking so promising.

14 comments