Yassamin Ansari Questions Doug Burgum on Oil Company Collusion and Fossil Fuel Subsidies

Fossil Fuel Subsidies and Tax Breaks

• 💡 Taxpayers subsidize fossil fuels annually, with US subsidies totaling $757 billion in 2022, according to the IMF.
• 💰 This includes $3 billion in explicit direct subsidies and $754 billion in implicit subsidies covering public health and environmental impacts.
• 🔍 The intangible drilling cost tax deduction, in US code since 1916, cost taxpayers $3.3 billion over 5 years.
• 📈 The percentage well depletion tax credit cost nearly $4 billion over 5 years, and foreign income tax exemptions cost $33 billion over 5 years.

Public Lands and Big Oil Giveaways

• ⚠️ The administration has opened public lands to oil and gas polluters.
• 📉 Republicans propose forced lease sales, rock-bottom royalty rates, and giveaways to oil billionaires.
• ⛽ This is based on the premise that increased drilling will lower energy prices for Americans.

Allegations of Collusion with OPEC

• 🧐 Rep. Ansari questioned Secretary Burgum about FTC findings of collusion between oil companies and OPEC to keep production low and prices high.
• 🚫 Burgum expressed disbelief, stating he has zero belief that collusion is occurring that would raise prices.
• ⚖️ When asked if companies found liable for collusion would still operate on public lands, Burgum stated he would follow the law but was skeptical of the cases' substance.
• 🌍 He argued that a few companies cannot control the price of a global oil market with numerous players.

Concerns Over Energy Policy

• ⛽ Under Burgum's leadership, there are concerns that the department will increase control of public lands and waters by big oil.
• 💡 Constituents desire clean, affordable, and renewable energy rather than more handouts to the fossil fuel industry.