GOOD has published an illuminating infographic showing the relative subsidies including direct spending and tax relief for different sectors of the US energy market.
Tax Direct Total
$0.3b $2b $2.3b CCS
$6.2b $6b $12.2b Renewables
$11b $5b $16.8b Corn ethanol
$53.9b $16.3b $70.2b Fossil
The infiographic is based on 2002 to 2008 data from the Environmental Law Institute's 2009 study Estimating U.S. Government Subsidies to Energy Sources.
The vast majority of subsidy dollars to fossil fuel is due to tax breaks including the Foreign Tax Credit ($15.3 billion) and the Credit for Production of Nonconventional Fuels ($14.1 billion, this credit has since been phased out). The Foreign Tax Credit applies to the overseas production of oil.
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