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Fracking subsidies

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This article is part of the FrackSwarm coverage of fracking.
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Subsidies are forms of financial assistance paid by federal taxpayers to an industry or business. Fracking subsidies include tax breaks, government funding into research, lost government revenue such as discounted drilling fees, and federally-subsidized external costs, such as health care expenses and environmental clean-up due to negative and harmful effects.

Federal subsidies

Congress passed a large tax break in 1980 specifically to encourage unconventional natural gas drilling, with the the federal tax credit for drillers amounting to $10 billion between 1980 and 2002, according to the AP. The US Department of Energy also invested about $137 million in gas research over three decades.[1]

Reports

References

  1. "Decades of federal dollars helped fuel gas boom," Associated Press, September 24, 2012.

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