Factbox: Biden budget to target U.S. fossil fuel subsidies

U.S. President Joe Biden will propose a budget to scrap oil and gas industry subsidies. The estimated cost of U.S. subsidies for the fossil fuel industry range from $10 to $50 billion. Taxpayer advocates and environmental groups argue the subsidies are inappropriate.

March 10, 2023 . 10:37 AM

1 min read

U.S. President Joe Biden will propose a budget to scrap oil and gas industry subsidies.
Estimates of cost of U.S. subsidies for the fossil fuel industry range from $10 to $50 billion per year.
Taxpayer advocates and environmental groups argue the subsidies are inappropriate at a time when economy is trying to shift to cleaner forms of energy to fight climate change.
U.S. oil and gas subsidies include incentives for domestic production, write-offs and deductions tied to foreign production and income.
U.S. President Joe Biden promised to get rid of fossil fuel subsidies as part of multi-pronged effort to fight climate change.