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Fact Sheet | Proposals to Reduce Fossil Fuel Subsidies (January 2024)
In 2022, fossil fuel subsidies in the United States totaled $757 billion, according to the International Monetary Fund. This includes $3 billion in explicit subsidies and $754 billion in implicit subsidies, which are costs like negative health impacts and environmental degradation that are borne by society at large rather than producers (i.e., negative externalities). In fiscal year 2016 (FY 2016), the federal government’s tax revenues from natural gas and petroleum exceeded its subsidies by $1.1 billion, according to the U.S. Energy Information Administration. But by FY 2022, subsidies exceeded revenue by $2.1 billion—a net loss for the government. Federal tax subsidies for coal, meanwhile, decreased from $1.9 billion in FY 2016 to $590 million in 2022.
Fact Sheet | Proposals to Reduce Fossil Fuel Subsidies (January 2024)
This fact sheet discusses attempts to alter fossil fuel subsidies, including measures in the Biden-Harris Administration’s FY 2024 budget request.
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