Dirty Energy Dominance: Dependent on Denial – How the U.S. Fossil Fuel Industry Depends on Subsidies and Climate Denial
Oil Change International
October 2017
A new report by Oil Change International reveals that U.S. taxpayers continue to foot the bill for more than $20 billion in fossil fuel subsidies each year. The analysis outlines tax incentives, credits, low royalty rates, and other government measures benefiting the oil, gas, and coal sectors.
While the majority of Americans want stronger U.S. action on climate change, policies at the state and federal level continue to underwrite the ongoing exploration and production of fossil fuels. Every dollar spent subsidizing this industry takes us further away from achieving internationally agreed emissions goals, and maintaining a stable climate.
Key findings include:
- Fossil fuel subsidies have been defended by a Congress influenced by $350 million in campaign contributions and lobbying expenditures by the fossil fuel industry – which equates to a 8,200% return on investment.
- The cost of annual federal fossil fuel production subsidies is equivalent to the projected 2018 budget cuts from Trump’s proposals to slash 10 public programs and services that benefit some of the nation’s most vulnerable children and families.
- Government giveaways in the form of permanent tax breaks to the fossil fuel industry – one of which is over a century old – are seven times larger than those to the renewable energy sector.
Oil Change International – Janet Redman – 10.03.2017
Posted by Nelson Bailey
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