Congressional Budget Office estimated allocation of energy-related tax preferences, by type of fuel or technology, 2016
This article needs to be updated. Please help update this article to reflect recent events or newly available information.(April 2021)
Energy subsidies are government payments that keep the price of energy lower than market rate for consumers or higher than market rate for producers. These subsidies are part of the energy policy of the United States.
According to Congressional Budget Office testimony in 2016, an estimated $10.9 billion in tax preferences was directed toward renewable energy, $4.6 billion went to fossil fuels, and $2.7 billion went to energy efficiency or electricity transmission.[1]
According to a 2015 estimate by the Obama administration, the US oil industry benefited from subsidies of about $4.6 billion per year.[2] A 2017 study by researchers at Stockholm Environment Institute published in the journal Nature Energy estimated that "tax preferences and other subsidies push nearly half of new, yet-to-be-developed oil investments into profitability, potentially increasing US oil production by 17 billion barrels over the next few decades."[3]
^Dinan, Terry (2017-03-29). "CBO Testimony, Federal support for developing, producing, and using fuels and energy technologies" (PDF). cbo.gov/. Archived (PDF) from the original on 2017-10-16. Retrieved November 7, 2017.
^McDonnell, Tim (2017-10-02). "Analysis | Forget the Paris agreement. The real solution to climate change is in the U.S. tax code". Washington Post. ISSN 0190-8286. Archived from the original on 2017-10-02. Retrieved 2017-10-03.
^Erickson, Peter; Down, Adrian; Lazarus, Michael; Koplow, Doug (2017). "Effect of subsidies to fossil fuel companies on United States crude oil production". Nature Energy. 2 (11): 891–898. Bibcode:2017NatEn...2..891E. doi:10.1038/s41560-017-0009-8. S2CID 158727175.
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