US fossil fuel giants produce most of their oil and gas domestically but pay billions more in taxes overseas than they do at home because of subsidies that have only grown during President Donald Trump's second term, a report said Thursday.

The analysis, titled "America-Last and Planet-Last: How US Tax Policy Subsidizes Oil and Gas Extraction Abroad," looked at disclosures from 11 publicly traded US companies since 2017, finding they paid an effective current-year tax rate of 12.1 percent -- far below the statutory 21 percent corporate tax rate.

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