20-Year Texas Oil Subsidy Quietly Dies as Legislative Session Ends

20-Year Texas Oil Subsidy Quietly Dies as Legislative Session Ends

A 20-year-old tax break for oil and gas companies in Texas quietly met its end last Thursday. In the previous two decades, a provision of the Texas code known as “Chapter 313” has provided $10 billion in property tax relief to corporations in Texas, primarily petrochemical firms.

Why This Matters: Texas has long been a “safe space” for the oil industry. Experts say that the fact that the program quietly died is a sign of changing attitudes around fossil fuels and climate change.

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Fossil Fuel Companies Pocketed $8.2 Billion in COVID Relief, Fired 60,000 Workers

Fossil Fuel Companies Pocketed $8.2 Billion in COVID Relief, Fired 60,000 Workers

A recent analysis (funded by Rockefeller Philanthropy) exposed that fossil fuel companies cut almost 60,000 jobs despite receiving billions of dollars in federal COVID-19 relief.

Why This Matters: These findings reveal two important points. First, that lucrative tax loopholes for the fossil fuel sector continue to be heavily exploited. Second, the narrative that oil companies are a “necessary engine of employment and succeed on an equal playing field in the free market” is hypocritical at best. As fossil fuel operations close, many states and former coal and oil communities are setting their sights on clean energy projects to provide new jobs and stability.

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Fossil Fuel Subsidies Cheat Sheet — Where Are They?

Fossil Fuel Subsidies Cheat Sheet — Where Are They?

In 2019, the Environmental and Energy Study Institute (EESI) published a “Fact Sheet” on fossil fuel subsidies and their societal cost. Agencies could start their search there.  Many of these subsidies have been around for a century, and often the circumstances relevant at the time subsidies were implemented no longer exist.

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