Part 3/9:
The U.S. now claims the title of the largest oil producer globally, producing over 827 million metric tons in 2023. Yet, this newfound wealth raises questions about the current administration’s approach to taxing and managing these resources. Unlike many oil-rich nations where natural resources belong to the state, in the U.S., they belong to landowners. This has led to the government missing out on substantial tax revenues due to various subsidies that effectively reduce the tax liabilities of oil companies.