"Calculating the cost of U.S. subsidies for the fossil fuel industry is complex because the incentives stretch across the U.S. tax code, but estimates range from $10 to $50 billion per year."
"U.S. oil and gas subsidies include provisions ranging from incentives for domestic production, write-offs and deductions tied to foreign production and income, and approved accounting methods that can reduce the stated taxable value of assets."
"One specific U.S. tax break on domestic production, for example, called intangible drilling costs, allows producers to deduct a majority of their costs from drilling new wells. The Joint Committee on Taxation, a nonpartisan panel of Congress, has estimated that eliminating it could generate $13 billion for the public coffers over 10 years."
"Another, the percentage depletion tax break, which allows independent producers to recover development costs of declining oil gas and coal reserves, could generate about $12.9 billion in revenue over 10 years, according to the panel."
Whether tax deductions are subsidies or not depends on whether they are targeted at and benefit particular industries or special interests in a way that others do not qualify for.
https://www.whitehouse.gov/wp-content/uploads/2023/03/budget...
The Janet-and-John bit is covered by Reuters:
https://www.reuters.com/business/energy/biden-budget-targets...
"Calculating the cost of U.S. subsidies for the fossil fuel industry is complex because the incentives stretch across the U.S. tax code, but estimates range from $10 to $50 billion per year."
"U.S. oil and gas subsidies include provisions ranging from incentives for domestic production, write-offs and deductions tied to foreign production and income, and approved accounting methods that can reduce the stated taxable value of assets."
"One specific U.S. tax break on domestic production, for example, called intangible drilling costs, allows producers to deduct a majority of their costs from drilling new wells. The Joint Committee on Taxation, a nonpartisan panel of Congress, has estimated that eliminating it could generate $13 billion for the public coffers over 10 years."
"Another, the percentage depletion tax break, which allows independent producers to recover development costs of declining oil gas and coal reserves, could generate about $12.9 billion in revenue over 10 years, according to the panel."
Yes. We subsidize the Petro industry.