1. United States
2. N.C.
3. Letter

The continued subsidization of the fossil fuel industry needs to be reevaluated, especially given their soaring profits in recent years. In 2022, fossil fuel subsidies in the United States totaled a staggering $757 billion according to the International Monetary Fund. This includes $754 billion in implicit subsidies like negative health impacts and environmental degradation borne by society. Meanwhile, the federal government experienced a net loss of $2.1 billion in fiscal year 2022 as fossil fuel subsidies outweighed revenues from these industries. It is concerning that taxpayer dollars are propping up highly profitable companies that are major contributors to environmental degradation, poor air quality, and climate change. The public funds diverted to fossil fuel subsidies could instead be invested in renewable energy development, improving public health outcomes, or other beneficial public programs. A reevaluation of these subsidies, with the goal of redirecting funds to more socially and environmentally positive ends, is warranted given the current fiscal realities and ongoing climate crisis. Eliminating avoidable costs associated with the fossil fuel industry would be a step towards prioritizing public welfare over corporate profits.