MYTH. Fossil fuel production is subsidized to the tune of $27 billion annually according to an investigation by OCl. The NDRC found that the G7 countries were providing at least 100 billion dollars a year in subsidizes with the US being the largest spender.
Is it anticompetitive? Yes. Is the government protecting a strategic resource? No. So why?
Think about it, every dollar spent on subsidies means more pollution and takes us further away from maintaining a stable climate.
Want to know more? There is a video explainer down below. Here are also few articles to get you started:
1. https://cleantechnica.com/2018/06/06/us-still-subsidizing-fossil-fuels-to-tune-of-27-billion
2. https://www.nrdc.org/media/2018/18060
3. http://priceofoil.org/content/uploads/2017/10/OCI_US-Fossil-Fuel-Subs-2015-16_Final_Oct2017.pdf
4. https://www.nrdc.org/experts/han-chen/g7-countries-waste-100-billion-year-coal-oil-and-gas
Despite big profits, huge CEO pay raises, the oil and gas industry continues to be subsidized by US taxpayers.
