The Biden presidency has awoken and energised calls for ending tax subsidies for fossil fuel companies. Some argue oil and gas is not subsidised and instead is heavily taxed. Distinguishing what is and is not a subsidy is challenging. Should specialised depreciation schedules be considered a subsidy? What if the government sets oil tax rates below that of other countries, could that be a subsidy? Is lack of carbon taxes a subsidy to oil and gas? In this insight, we look globally for examples of oil subsidies, tax incentives, and explore the grey area in between.