Overview

• The report tallies $30.8 billion in existing federal subsidies and estimates the 2025 One Big Beautiful Bill adds roughly $4 billion per year, for at least $34.8 billion annually.
• An expanded carbon capture tax credit could deliver more than $1.4 billion each year to oil and gas firms, with eligibility even when CO2 is used for enhanced oil recovery.
• Additional supports include lowered royalty rates for extraction on public lands and a provision that can let companies sidestep the corporate minimum tax.
• Using a World Trade Organization-aligned definition, the analysis counts tax breaks, discounted access to resources, direct appropriations, and cleanup spending, yet warns the total likely undercounts opaque or untracked supports and excludes state and international financing.
• Oil Change International links the subsidy expansion to industry influence and a deregulatory agenda, citing $445 million in 2024 election spending and urging Congress to redirect funds to social programs and clean energy.