Visionary Leadership! Senate GQP Wants To Stuff Big Bullshit Bill With Even More Goodies For Oil Industry

[hatrack]

Senate Republicans have added tax breaks and other subsidies for oil drillers to the GOP tax bill making its way through Congress, including a provision that would reward companies for using an emerging greenhouse-gas-fighting technology — capturing carbon from the atmosphere — to boost production of oil by billions of barrels a year. The massive bill eliminates large swaths of federal funding for wind, solar and other green energy initiatives, reversing many of the Biden-era initiatives aimed at developing clean sources of fuel. At the same time, lobbying efforts by petroleum companies to win benefits from the oil-friendly administration and its allies appear to have paid off.

Several firms, including Occidental Petroleum, which is completing a large carbon-capture plant in the West Texas oil fields, sought expanded subsidies for using captured carbon dioxide to pressurize wells and draw more oil from the ground. The carbon-capture subsidy would push up the tax legislation’s price tag by what experts forecast will be billions of dollars.

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Another Senate provision would provide a tax break to oil drillers, enabling them to reduce — or even eliminate — an annual alternative minimum tax by deducting greater amounts for certain expenses. The bill also would eliminate some rules to make it easier for subsidies to flow to biofuels producers whose supply chains create greenhouse gas emissions. It would cut royalties paid by oil and gas companies to drill on public land, a break worth up to $6 billion over the next decade.

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One of the most expensive Senate bill energy provisions is a revised “clean fuels” credit for ethanol and other biofuels. The measure prolongs the life of the tax break while scrapping requirements that producers factor in the “indirect land use changes” caused by production, which include planet-warming deforestation when farmland is cleared to grow crops for fuel. The cost of the expanded tax credit, according to the Joint Committee on Taxation, is $45 billion over the next decade. Royalties for drilling on public land would be reduced by about 25 percent. The royalties had been increased in 2022 amid studies that showed they were below market rate.
Modeling by the environmental think tank Resources for the Future shows the royalty cut will cost the federal government $6 billion over the next 10 years, with costs increasing after that to an average of $3 billion annually through 2050.

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https://www.washingtonpost.com/business/2025/06/18/climate-solar-oil-tax-senate-trump/

[Deuxcents]

1. Tax break, subsidies, royalties, permits, etc that amount to multi billions of taxpayer dollars and this doesn't include

The environmental impact as they rake in the untold profits and they still charge us at the pumps. There is just never enough for their insatiable greed