fossil fuel subsidies
Fossilized Finances: State and Federal Oil and Gas Subsidies in the Permian Basin
The Permian is by far the largest oil producing basin in the United States and the second largest for natural gas. Firms in the region have been highly profitable, yet have continued to benefit from a wide array of government subsidies. Some of the subsidies have been in place for decades, though new ones continue to be introduced as well. All of the subsidies work against the need to decarbonize our economy and erode the competitive positioning of lower-carbon substitutes.
Review of fossil fuel subsidy-relevant policies in California
Even California has scores of policies and programs with the potential to subsidize oil and gas exploration, production, refining, transport, and consumption. These conflict with the state's long-term commitment to be a clean energy leader.
Obama’s Bid to End Oil Subsidies Revives Debate
When he releases his new budget in two weeks, President Obama will propose doing away with roughly $4 billion a year in subsidies and tax breaks for oil companies, in his third effort to eliminate federal support for an industry that remains hugely profitable.
US Subsidies Boost Expected Profits And Development Of New Oil And Gas Fields
Researchers at the Stockholm Environment Institute (Somerville and Seattle, USA) and Earth Track, Inc. (Cambridge, MA, USA) examined 16 subsidies and environmental regulatory exemptions, providing one of the first estimates of how government subsidies will affect investment decisions for new gas fields in the coming decade. Their results are published in the IOP Publishing journal, Environmental Research Letters.
ExxonMobil’s Real Quid Pro Quo With the Government
The Seven Sisters oil companies—now consolidated into ExxonMobil, BP, Shell, and Chevron—relied on imperial concessions throughout much of the global south to maintain their cartel over some 85 percent of the world’s oil resources through much of the twentieth century. When local governments threatened that control, the companies turned to the CIA to help protect their property.
By subsidizing industries like oil and gas, we are essentially financing our own destruction
Gas is more expensive than ever before — but it’s not just at the pump where we are taking the hit. What many don’t know is Canadians are also paying more for gas through our tax dollars. And when we consider the environmental impacts, that cost is even greater.
In fact, as we waste time complaining about how much it costs to fill our tanks, the Canadian government is busy pumping billions of our tax dollars into fuelling global warming. By subsidizing not only oil and gas but also animal agriculture and other harmful industries, we’re essentially financing our own destruction.
Friendly policies keep US oil and coal afloat far more than we thought
Roberts' review of various estimates of US subsidies to fossil fuels included a section, excerpted below, on the analysis jointly done by SEI and Earth Track that was published in Nature Energy in 2017:
..."The effects of consumption subsidies are fairly well-understood, as it is fairly easy to aggregate consumer decisions and find patterns. But the effects of production subsidies are trickier to pin down; it is difficult to tie particular background subsidies to particular investment decisions by producers.
Sen. Joe Manchin Has Been Fighting to Keep Billions in Subsidies for Fossil Fuel Industry
"A package of legislation that represents a last chance to avoid severe climate crisis impacts was dramatically defanged late last week by conservative West Virginia Democratic Sen. Joe Manchin...
Despite Manchin’s cost-conscious approach — he has demanded a reduced $1.5 trillion price tag for the bill — he has fought to preserve domestic fossil fuel industry subsidies. On the potential repeal of international oil and gas subsidies put into place during the Trump administration, Manchin has been silent.
Fossil subsidies take the bulk of finance needed for an inclusive renewable energy sector
The world is spending at least $1.8-trillion every year, equivalent to 2% of GDP, on subsidies that are destroying nature, new research released on Thursday has found.
The study, titled Protecting Nature by Reforming Environmentally Harmful Subsidies: The Role of Business, was co-funded by The B Team and Business for Nature, and is the first estimate in 10 years of the total value of environmentally harmful subsidies (EHS) across key sectors including energy, agriculture, transport and forestry.