> Oil is heavily subsidized.

It’s really not. Articles and “studies” that spread this line always rely heavily on an esoteric (read: deceptive) definition of the word “subsidy”. First, some guy does a purely academic calculation of all O&G externalities and declares that this number represents the “correct amount” of taxes that O&G should pay. Next he takes the difference between actual taxes paid and his imaginary number, and calls this meaningless, hypothetical number a “subsidy”. In reality, where we don’t get to redefine words as a matter of convenience, the oil & gas industry is not “heavily subsidized”, but in fact generates huge amounts of tax revenue.