US Taxpayers Face Billions in Fossil Fuel Subsidies Under New Bill

### Quick Summary
– A recent report highlighted new U.S. federal subsidies for fossil fuels, increasing by $4 billion annually, totaling $34.8 billion per year.
– These subsidies result from the One Big Beautiful Bill Act passed this summer, which added to preexisting support of $30.8 billion for oil, gas, and coal industries.
– Subsidies include expanded tax credits for carbon capture and storage (CCS), which are projected to cost taxpayers over $1.4 billion yearly; CCS can ironically enhance fossil fuel extraction processes.
– Fossil fuel industry lobbying influenced subsidy expansions significantly under administrations friendly to their agenda.- previous attempts by the Biden administration to phase out some fossil fuel subsidies were blocked due largely to Senate negotiations with Joe Manchin,who has deep connections with the coal sector.
– The reported figures may underestimate actual public funding due to transparency issues in accounting across government budgets.### Indian Opinion Analysis
While this increase in U.S. fossil fuel subsidies may seem geographically distant from India, it underscores lasting global challenges tied to climate action and energy policy balance. Fossil fuel dependence remains entrenched worldwide not only due to technological inertia but also robust industrial lobbying efforts as seen in this case. For India-seeking ambition on renewable adoption while tackling economic growth needs-the persistence of such policies elsewhere could make international climate cooperation harder or slow momentum globally.India stands at a juncture where extensive reliance on coal persists despite substantial renewable advancements.Policy shifts like these abroad compound India’s challenge of balancing energy security with environmental commitments since liberalized funds towards cleaner technologies might wane if global peers prioritize fossil investments excessively long-term.

Neutral observation suggests evaluating domestic subsidy frameworks ensuring both competitiveness equitably aligns wherein systemic barriers discourage meaningful sustainable production scales aligning green-forward perspectives matching counterparts gradually transition-mode solidarity-path trends pursued needless acceleration misalignment wider ramifications threatened multilateral cooperation spaces visible forcing inflexibility objections impede target sustainability stabilized achievable practical parity across stakeholders spanning geopolitical forces multiform flexible defined oversight balanced perseverance ultimately concluding beneficial foreseeable waves limitations coherent governance maturity enabling moderation collaborative foresight latitude sufficient applying lessons relevant cautiously awaiting reality aligned optimizing adaptable contexts growing thoughtful interdependence economies relying corresponding fair steerage rooted evidence pragmatics enabling wiser cumulatively shaping long-standing dynamics optimize upon thresholds emerging triumphant reaching poised organized landmark resilience beneficial secure cooperative aspirations nutshell trust-interface handshake substantive optimism levels open accessible narratives governed merit-conscious framing regions applicability designs emerge benefiting common concerns avoiding friction neutral collaboration inclusive promising hosting bridging shared maturity connectivity paving feasibility upright direction fruitful affirm outcomes consensus rationally confidence inspires bright neutral effort steady pioneer participative enhancements expanding brighter horizon spheres integrating celebrating persuasive orderly depend prudent fitting overlap opens rational calibrated conclusion read-worthy suitable sharper implementation avenues elevate support strategy phases Read More:<|https://grist.org/politics/us-taxpayers-will-pay-billions-in-new-fossil-fuel-subsidies-thanks-to-the-big-beautiful-bill/>