Tax and royalty-related subsidies to oil extraction from high cost fields: A study of Brazil, Canada, Mexico, United Kingdom and the United States
Discussion of fiscal regimes for oil extraction have traditionally focused on the total charges of all sorts levied on a project (the "total government take"), and whether their level and structure optimised oil production and public revenues. Yet national, or global, policies to meet energy and environmental goals need to maximize benefits across complex energy and economic systems, not just specific projects. This study argues that there is a need to reframe the debate on how fiscal regimes - notably tax and royalties - to fossil-fuel extraction are evaluated. It further argues that su