On behalf of the FACT Coalition, we are excited to invite you to the hybrid in-person and virtual launch of our new report.
"America-last and Planet-last: How US Tax Policy Subsidizes Oil and Gas Extraction Abroad"
Event details are copied below. We hope you will be able to attend!
Click here to RSVP
Where: The Open Gov Hub - 1100 13th St. NW, Suite 800, Washington, D.C. xxxxxx - and online via Zoom.
When: October 23, 2025 from 12:00-1:30pm EDT.
Lunch provided from 11:30am-12:00pm for in-person attendees.
Speakers to be announced.
Updates will be provided to registrants via email, as well as on FACT's website. Timely registration for in-person attendees is recommended, as space is limited.
About the report:
According to new disclosures, US oil and gas companies pay significantly more tax to foreign petrostates than to the US federal government, despite collectively producing more oil and gas domestically than in all other countries combined. In a particularly stark example, ExxonMobil reported paying nearly five times as much tax to the United Arab Emirates as to the US federal government in 2023.
Exxon is not alone. From 2018 to 2024, American oil and gas companies with foreign operations reported owing only 12 percent in tax on their domestic income on average, far below the 21 percent statutory corporate tax rate. These companies' low average tax rates are tied to a number of industry-specific tax breaks, including policies that specifically subsidize drilling abroad. These tax subsidies reduce much-needed US public revenues, exacerbate the climate crisis, harm public health, and fail to secure low energy prices for consumers or good-paying American jobs.
Based on a detailed analysis of the financial disclosures of 11 American oil and gas companies engaged in fossil fuel exploration and extraction abroad, this report is an urgent call to end preferential tax breaks that undermine U.S. interests and harm the planet.
For press inquiries, please contact Zorka Milin at
[email protected]. Please reach out to Thomas Georges at
[email protected] with any other questions.
Click here to RSVP
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