Trump Administration Adds $40 Billion in New Fossil Fuel Subsidies Through Legislation
By
billybuckwheat
Fresh out the oven, still warm. Top of the tray.
Summary
A new report reveals that the Trump administration has added nearly $40 billion in new federal subsidies for fossil fuels through the One Big Beautiful Bill Act, increasing total annual subsidies to at least $34.8 billion. This represents the largest single-year increase in fossil fuel subsidies and will cost taxpayers billions over the next decade, adding to existing $30.8 billion in annual subsidies for oil, gas, and coal industries.
Key quotes
· 4 pulledThe Trump administration has already added nearly $40 billion in new federal subsidies for oil, gas, and coal in 2025
That new amount, created with the passage of the One Big Beautiful Bill Act this summer, adds to $30.8 billion a year in preexisting subsidies
The amount of public money the US will now spend on domestic fossil fuels stands at least $34.8 billion a year
The increase amounts to 'the largest single-year'
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