Deep Dive: Climate and Oil & Gas

For more than a century, the oil and gas industry has enjoyed federal subsidies, while it has sought to avoid liabilities and shift the costs of climate change onto taxpayers. As early as the 1960s, the oil industry knew catastrophic harm would result from continued widespread reliance on fossil fuels. But for decades, they hid this knowledge from shareholders, regulators, the public, and taxpayers alike.

As climate-related harms and costs increased, the industry poured their efforts into spreading misinformation about climate change and doubled-down on their image as a unique driver of economic benefits and employment.

TCS is a leading voice in opposition to the subsidies and special preferences that have enabled oil and gas to dominate energy markets for decades. Accountability is a critical element of addressing climate change. And if these bad actors are allowed to dictate the public discourse to protect their market advantage, they will stifle innovation and continue to crowd out cleaner sources of energy.

For more information on Climate and Oil & Gas, check out the additional resources below:

Budget Watchdog, All Federal — Episode 20: Gas Prices & Common Sense Climate Solutions: A podcast episode on why policy makers must enact forward looking, cost effective climate solutions that build real resilience, even with the pandemic on our hands, rising gas prices, and higher inflation.
Political Footprint: Oil and Gas Industry: A report on the oil and gas industry’s lobbying efforts to continue their massive subsidies and preferential treatment.
Budget Watchdog, All Federal — Episode 13: Oil & Gas Lobbying Report: A podcast episode that explains how the oil and gas industry has secured $93 Billion in unwarranted federal subsidies, tax breaks, and sweetheart leasing deals over the last decade.
Budget Watchdog, All Federal — Episode 9: Taxpayers’ Fair Return: A podcast episode about updates to the Biden Administration proposals for federal oil and gas leasing.
Time to Be Fair and Get Serious About Climate: Lucrative, Century-Old Oil and Gas Tax Preferences Must End: An Op-Ed published on September 23, 2021 in Morning Consult about oil and gas subsidies.
Taxpayers Stuck With The Bill: An Op-Ed published on March 26, 2021 in The Spokesman-Review about current litigation against oil and gas companies.
FAQs about the Pause on Federal Oil and Gas Leasing: An FAQ sheet about the Biden Administration’s pause on the federal oil and gas leasing program.
It’s time to hold the energy industry accountable for mounting climate change costs: An Op-Ed published on November 18, 2019 in The Hill about the mounting climate costs created by the oil and gas industry.