A 2017 study in Nature Energy finds that, at recent oil prices of $50 per barrel, tax subsidies push nearly half of new, yet-to-be-developed oil investments into profitability, potentially increasing US oil production by 17 billion barrels over the next few decades. This oil could make up as much as 20% of US oil production through 2050 under a carbon budget aimed at limiting warming to 2 °C.