Since as early as 1913, US tax codes have provided breaks to oil and gas companies to help them drill for more oil and gas supplies. These amount to billions of dollars per year today, even as the same companies are earning record profits.
Meanwhile, we know that we don't need more fossil fuel development and need to transition to clean, renewable energy as quickly as possible in order to reduce greenhouse gas emissions by half before the end of the decade.
President Biden's 2024 budget would eliminate these outdated and unneeded tax breaks as would either HR 1483 or HR 1743 currently in US House committee for review.
It's way past time to end these tax breaks and use the revenues gained to speed and ease the transition to clean, renewable energy.