Cutting wasteful subsidies to the oil and gas industry should be part of any plan to reduce the deficit. These subsidies amount to taxpayer handouts to wealthy, mature companies that do not need government support. Some of the loopholes date back almost a century to a time when oil and gas drilling was a novel activity. These subsidies worsen the deficit while promoting activities that increase pollution and harm our health. This fact sheet describes some of the subsidies that Congress should eliminate.