Senate Hearing: The Economic Costs of Fossil Fuel Subsidies
January 1, 2023
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The Frame
The hearing explores whether federal taxpayer dollars, estimated at $20 billion annually, provide measurable economic benefits to the public or if they primarily support the fossil fuel industry.
Potentially affected actors named in the source documents. Mention is not a position.
U.S. Taxpayers
Taxpayers provide the funds that are currently allocated as subsidies to the fossil fuel industry.
Fossil Fuel Industry
The industry receives federal subsidies that are the subject of the committee's budgetary review.
Last recorded activity January 1, 2023.
Next step not available in the current record.
Summary
Key Facts
- The Senate Budget Committee held a hearing on May 3, 2023, to discuss the economic and budgetary impacts of fossil fuel subsidies.
- Chairman Whitehouse stated that U.S. taxpayers provide approximately $20 billion in annual subsidies to the fossil fuel industry.
- The International Energy Agency reported that global fossil fuel subsidies reached a record $1 trillion in 2022.
- The oil industry reported $4 trillion in income during 2022.
- Chairman Whitehouse cited economist Gib Metcalf, who argued that these subsidies provide little benefit in terms of job creation, lower gas prices, or energy security.
- The hearing included testimony from experts representing the Niskanen Center, Yale School of Public Health, and The Heritage Foundation.
Why It Matters
The hearing explores whether federal taxpayer dollars, estimated at $20 billion annually, provide measurable economic benefits to the public or if they primarily support the fossil fuel industry.
Frequently Asked Questions
What is the purpose of this hearing?
How much do U.S. taxpayers spend on fossil fuel subsidies annually?
News Coverage
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Focus on Budgetary Impact of Climate Policy
The Senate Budget Committee is increasingly framing climate change and fossil fuel reliance as a direct budgetary and economic risk rather than solely an environmental issue.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy60Intensity of disagreement among stakeholders
- Entertainment20Compellingness for a non-policy-wonk reader
- Buzz30Current news / social attention level
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