(TheConservativeTimes.org) – The United States reportedly produced more oil last year than they have ever produced any other year and produced more than any other country, according to the U.S. Energy Information Administration.
Big Oil has become more productive as the oil harvesting method of fracking has seen technological breakthroughs and allowed them to drill for more oil than any other country. The U.S. oil production was at five million barrels per day almost fifteen years ago, but, as of now, it’s hit a record of thirteen million barrels per day.
Fracking has been a controversial topic as many have spoken out about the negative effects that result in the areas where the practice is used. However, fracking is what has allowed for the United States to be the top country when it comes to oil production.
The Biden Administration has pushed for an expansion into subsidies for renewable energy projects through the Inflation Reduction Act of 2022, which included over three hundred and fifty billion dollars to combat climate change.
“U.S. energy policy has been largely oriented towards the tax code. That’s how a lot of the renewable energy deployment that’s happened to date has come about,” Daniel Bresette, president of the Environmental and Energy Study Institute, said.
Tax incentives such as the intangible drilling costs tax credit benefit the fossil fuel industry to continue practices such as fracking. Amy Myers Jaffe, director of New York University’s Energy, said that this cost incentive “is the most active subsidy they get and it’s a tax credit.”
It is expected to benefit oil and gas companies with almost two billion dollars next year and almost ten billion dollars by 2034, according to the White House Budget for next year.
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