The Truth About Oil and Gas Subsidies

Let me state up front that I am a fan of Jon Stewart. I watched The Daily Show for years. He calls attention to many important issues, and he is a formidable debater. But Stewart recently made a claim on his show that promotes a common misconception: “How about we just take $3 billion in subsidies we give to oil and gas companies that turn billions in profits?” It’s a statement that sounds damning—but is it accurate? While this claim resonates with many, it misrepresents how the oil and gas industry operates in relation…