on the topic. But it basically says the same thing I already said.

That they can defer taxes by expensing exploration costs on the front end, rather than later when drilling is producing taxable income. Again, that only defers taxes to pay in later years, it doesn't change the ultimate tax paid which is based on the overall income generated over time. And given the change in the Trump tax code where I can do the same if I build a factory, even that "advantage" vs other companies is basically moot.

It then goes on to describe things like "nebulous drilling costs" and "fruitless drilling efforts" as "subsidies". That's not a subsidy (like supplementing what Farmer Brown gets for his corn) That's allowing a business to deduct all business expenses, just like any other business. And including even failed ventures, just like any other business. It's no more a "subsidy" if an oil company deducts the cost of a failed well, than it is if a business builds a factory that never produces a net profit, or if Coke dumps millions into shitty New Coke nobody wants to buy.

The point about the Trump tax cuts reducing the corporate rate is stupid and pointless to include since that applies to every corporation, and to a lesser degree every pass-through business. If you want to argue Corp Tax Rates should be higher, I won't agree, but that doesn't make them being lowered an "advantage", let alone a "subsidy" to oil companies.