The Biden administration quietly published a report highlighting how the fossil fuel industry receives far fewer taxpayer subsidies than the green energy industry.
and conservation-related tax provisions, represented the next-largest slice of energy sector federal subsidies after renewable power, according to the EIA report. End use sources received $64.8 billion in subsidies, equivalent of 35% of total energy-related subsidies doled out by the federal government.
While renewable and end use sources accounted for more than 80% of total energy industry subsides, fossil fuel sources — namely natural gas, petroleum and oil, which account for more than 60% of electricity production and the vast majority of transportation energy — benefited from $24.5 billion, or 13%, in subsidies.
Nuclear power, which produces another 18% of U.S. electricity, received $2.9 billion in subsidies during the analyzed timeframe, the equivalent of 2% of total subsidies awarded.The reports findings suggest far more taxpayer money is being spent per energy unit produced by green energy sources than for the equivalent energy until produced by fossil fuel energy.generated 44.9 quadrillion British thermal units in 2022, 45% of total energy generated economywide, but received $2.
By comparison, in 2022, the solar industry generated about 0.6 quadrillion British thermal units, less than 1% of total energy produced economywide in the U.S., but received $7.5 billion in subsidies. That means the solar power industry received $11.9 per MMBtu generated last year. The results are as pronounced when comparing coal power which received $873 million in subsidies last year while generating 18 times the amount of power as solar energy.have repeatedly called for an end to fossil fuel subsidies, arguing they distort the market and unfairly disadvantage alternative energy sources."The President is committed to ending tens of billions of dollars of federal tax subsidies for oil and gas companies.
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