Repealing direct fossil fuel subsidies will amount to 1.4% of the revenue in the plan. It's the indirect subsidies that would really yield some revenue. (If you don't like reading, you can listen!)
If you are curious to see where members of Congress fall on placing a national fee on carbon emissions (the nicer way of framing a carbon tax) check out Vote Climate U.S. PAC's 117th Congressional Scorecard, which provides a climate calculation to every member of Congress. For new incumbents (elected this year), the climate calculation includes their position on climate change and on a carbon fee, while existing incumbents are scored on past votes and climate leadership as well as the aforementioned categories. The scorecard was modeled off of Vote Climate's 2020 Voter's Guide.
Hi David - does the tabulation of indirect subsidies include the freedom the fossil fuel industry has to walk away from the messes they make, as opposed to cleaning them up. (You know, like we teach kindergartners to do?) Am thinking specifically of orphan and abandoned oil and gas wells, the cost to cleanup and cap is orders of magnitude larger than the bonding provided by industry?
Nice summary, David. Treasury Dept is correct to say "The main impact would be on oil and gas company profits", and their citation to Gib Metcalf's work on that is appropriate. We have a new manuscript under review that finds that conclusion to be robust over a wide range of oil and gas prices (even as it is also true that there are some very specific conditions when subsidies can make the difference to new oil and gas projects being developed or not).
I consider every penny spent by the US military in the Persian Gulf to be a fossil fuel subsidy. Now that's a pile of cash that could get some EV chargers built
If you are curious to see where members of Congress fall on placing a national fee on carbon emissions (the nicer way of framing a carbon tax) check out Vote Climate U.S. PAC's 117th Congressional Scorecard, which provides a climate calculation to every member of Congress. For new incumbents (elected this year), the climate calculation includes their position on climate change and on a carbon fee, while existing incumbents are scored on past votes and climate leadership as well as the aforementioned categories. The scorecard was modeled off of Vote Climate's 2020 Voter's Guide.
Scorecard: https://voteclimatepac.org/117th-congress-climate-scorecard/
Voter's Guide: https://voteclimatepac.org/voters-guide/
Hi David - does the tabulation of indirect subsidies include the freedom the fossil fuel industry has to walk away from the messes they make, as opposed to cleaning them up. (You know, like we teach kindergartners to do?) Am thinking specifically of orphan and abandoned oil and gas wells, the cost to cleanup and cap is orders of magnitude larger than the bonding provided by industry?
Nice summary, David. Treasury Dept is correct to say "The main impact would be on oil and gas company profits", and their citation to Gib Metcalf's work on that is appropriate. We have a new manuscript under review that finds that conclusion to be robust over a wide range of oil and gas prices (even as it is also true that there are some very specific conditions when subsidies can make the difference to new oil and gas projects being developed or not).
I consider every penny spent by the US military in the Persian Gulf to be a fossil fuel subsidy. Now that's a pile of cash that could get some EV chargers built