If the fossil fuel industry is so stupidly rich, why is it so heavily subsidized?

Question

Just read a bit about the massive subsidies the fossil fuels industry receives in the U.S and I was confused. Aren’t these companies one of the most profitable ones in the U.S?

In: Economics

Answer 1

Many major corporations used federal PPE money during the pandemic to do stock buybacks. Corporate welfare = good. Individual welfare = bad. I think the correct stat was that the top billionaires could have written a check to all 330 million Americans for around $3,000 and would have still been richer than before the pandemic.