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Breakdown of $44 billion in federal spending, subsidies and/or tax breaks benefitting oil companies in the USA

Q: Are there really $44 billion in federal spending, subsidies and/or tax breaks that directly benefit oil companies?A: Yes, according to a report at icta.org – the total ranges from $44 billion to $126 billion – excluding the costs allocated to safeguard the world’s petroleum resources. Here’s the breakdown – but keep in mind that some of these are standard deductions that all business enjoys access to.
• Percentage Depletion Allowance (a subsidy of $784 million to $1 billion per year)
• Nonconventional Fuel Production Credit ($769 to $900 million)
• Immediate expensing of exploration and development costs ($200 to $255 million)
• Enhanced Oil Recovery Credit ($26.3 to 100 million)• Foreign tax credits ($1.11 to $3.4 billion)
• Foreign income deferrals ($183 to $318 million)• Accelerated depreciation allowances ($1.0 to $4.5 billion)
• Extraction, production and use ($38 to $114.6 billion)
• Research and development ($200 to $220 million)
• Export financing ($308.5 to $311.9 million)
• Army Corps of Engineers ($253.2 to $270 million)
• Department of Interior’s Oil Resources Management Programs ($97 to $227 million)
• Government expenditures on regulatory oversight, pollution cleanup, and liability costs ($1.1 to $1.6 billion)
• U.S. Defense Department spending allocated to safeguard the world’s petroleum resources ($55 to $96.3 billion)
• The Strategic Petroleum Reserve ($5.7 billion)
• Protection services from the U.S. Coast Guard and Department of Transportation’s Maritime Administration ($566.3 million)

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