This is the best summary I could come up with:
That tax break proved so lucrative it prompted celebrities like Jimmy Stewart, Frank Sinatra and Bing Crosby to become oilmen on the side, buying interests in oil wells and using the deduction to shelter their Hollywood income.
Last year, American companies pumped 13 million barrels each day on average, a record that had made the United States the largest crude oil producer in the world, according to the U.S. Energy Information Administration.
Instead of investing in their businesses, the oil and gas companies have poured profits into “stock buybacks, mergers, and acquisitions that benefited executives and wealthy shareholders,” the Biden administration said on a fact sheet accompanying the budget proposal.
“The Biden Administration and their radical climate advisers have disregarded common sense by requesting Congress remove these incentives before we accomplish an energy transition that doesn’t sacrifice reliability and affordability,” Mr. Manchin said in a statement.
“It’s just corporate welfare,” said Joseph Aldy, a professor at the John F. Kennedy School of Government at Harvard University who served as a special adviser to President Barack Obama on energy issues.
Others note the irony of continued government support for fossil fuels at a time when scientists say nations must rapidly transition away from oil, gas and coal to cut the carbon emissions that are driving climate change.
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