this post was submitted on 19 Jun 2025
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Discussion of climate, how it is changing, activism around that, the politics, and the energy systems change we need in order to stabilize things.

As a starting point, the burning of fossil fuels, and to a lesser extent deforestation and release of methane are responsible for the warming in recent decades: Graph of temperature as observed with significant warming, and simulated without added greenhouse gases and other anthropogentic changes, which shows no significant warming

How much each change to the atmosphere has warmed the world: IPCC AR6 Figure 2 - Thee bar charts: first chart: how much each gas has warmed the world. About 1C of total warming. Second chart: about 1.5C of total warming from well-mixed greenhouse gases, offset by 0.4C of cooling from aerosols and negligible influence from changes to solar output, volcanoes, and internal variability. Third chart: about 1.25C of warming from CO2, 0.5C from methane, and a bunch more in small quantities from other gases. About 0.5C of cooling with large error bars from SO2.

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Senate Bill Gives Giant Tax Break to Big Oil | A provision inserted by Sen. James Lankford (R-OK) would exempt many domestic oil and gas drillers from having to pay any corporate taxes. (prospect.org)
submitted 3 days ago by silence7@slrpnk.net to c/climate@slrpnk.net
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[–] grue@lemmy.world 4 points 2 days ago

Sick and tired of fucking welfare queens (big oil) stealing money from actual hard-working Americans (renewables).

[–] dumnezero@piefed.social 4 points 3 days ago (1 children)

Corporate tax deductions for intangible drilling costs have been available since 1913, making it “the oldest and the largest fossil fuel subsidy on the books,” according to a recent report on the Lankford bill. In current law, all the costs of drilling oil and gas wells can be deducted in the year they are incurred, rather than over the lifetime of the well.

The CAMT weakens that deduction by requiring drillers to pay some tax, but the Lankford bill would effectively apply the deduction to the CAMT directly, taking many drillers below the threshold of qualifying for minimum taxes. “We need to be able to get some relief to them so they’re not constantly worried about it,” Lankford said in a CNBC appearance in January.

At least they accept that tax breaks are subsidies. That's how tax breaks should always be presented.

The Senate Finance Committee aims to change that. Section 70523, buried on page 343 of the 549-page draft text, makes a tweak to the CAMT by directing the Internal Revenue Service to take into account “intangible drilling and development costs.”

Is this what Peak Oil looks like?

[–] MrMakabar@slrpnk.net 3 points 2 days ago

Is this what Peak Oil looks like?

No, just corruption. In case of peak oil, they would support alternatives as well.

[–] doortodeath@lemmy.world 4 points 3 days ago

The CAMT weakens that deduction by requiring drillers to pay some tax, but the Lankford bill would effectively apply the deduction to the CAMT directly, taking many drillers below the threshold of qualifying for minimum taxes. “We need to be able to get some relief to them so they’re not constantly worried about it,” Lankford said in a CNBC appearance in January.

The audacity...