The president has pledged to curb oil and gas subsidies which all taxpayers must bear and which artificially increase supply and lower prices leading to overconsumption and more carbon emissions. CVX is stupid to argue against it since ending subsidies could limit supplies and further increase prices, offsetting our loss of subsidy.
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Initial environmental impact is worse for EVs, but they will out after a few years of stinky operation by the ICE. Nice try, though.
Yes, going green would be nice. EV's are not green, however. The lithium mining and toxic disposal of batteries are worse for the environment than ICE engines, as are solar panels. It's amazing how easily snookered politicians can be with something just because it gets them votes, power and "Isn't big oil." meanwhile, they cannot even power anything without natural gas or coal. Keep reaching. meanwhile, the politicians still have your back, greenies!!! LMAO!
Subsidies need to end for sure. They are a leftover from the 70s when the US needed to stimulate domestic production. I think Bill Fisher of UT Austin invented them. Time to go green.
@wtq, Very well, and you can pull YOURSELF up by the bootstraps when you pay more not only at the pump and for each and every thing manufactured using hydrocarbon derivatives, but also shipped worldwide by vehicles, electric and other, that need energy, which today is dominated by oil and gas. Welcome to the 19th century. they called you back to retake economics.
Meanwhile, off to the Lithium Strip-mine. Need to destroy the planet quicker. O&G wasn't doing it fast enough lol!
Shh don’t say the S-word to oil & gas folks! They want to ignore the fact that govt $$ is how they became successful.
Ok so oil companies will not re invest as much money in find oil and gas. That should help him out in lowering the price of oil and gas which he is already complaining about. Brandon really needs to learn economics. LGB
@wtq+1dPVlp7s
Subsidy usually gives the public the wrong idea. It's not like the government is writing $1B checks to Mr. Big Oil CEO.
"Subsidy" is loosely defined and often inflated depending on who's reporting on the figure. Usually the number is inflated for political purposes or to influence public policy.
In practice, a "subsidy" is only a tax, license or royalty fee that the government is okay deferring in order to get the larger prize of a long-term commitment by an operator to develop. That long-term commitment turns into a long-term cash cow for the government.
All corporate socialism should be ended. They need to pull themselves up by their boot straps and spend their own money.
The United States provides a number of tax subsidies to the fossil fuel industry as a means of encouraging domestic energy production. These include both direct subsidies to corporations, as well as other tax benefits to the fossil fuel industry. Conservative estimates put U.S. direct subsidies to the fossil fuel industry at roughly $20 billion per year; with 20 percent currently allocated to coal and 80 percent to natural gas and crude oil. European Union subsidies are estimated to total 55 billion euros annually.
lol what subsidies? Gasoline is one of the most highly taxed goods on the market.