The real beneficiaries of energy subsidies – Big Oil – Salon.com

18 Jan

In 2010, Bloomberg News released a report showing that global governmental support “for fossil fuels dwarf support given to renewable energy sources.” The numbers led one financial expert to note that while “mainstream investors worry that renewable energy only works with direct government support,” the truth is that “the global direct subsidy for fossil fuels is around ten times the subsidy for renewables.”

According to data compiled by the Environmental Law Institute, the United States is a big contributor to this global subsidy imbalance, “provid(ing) substantially larger subsidies to fossil fuels than to renewables.” In practice, some of the biggest of those U.S. subsidies come in the form of special tax breaks for oil and gas development, and in direct taxpayer funding of multinational corporations’ foreign mining projects (yes, you read that right — your tax dollars go to fund fossil fuel development overseas).

via The real beneficiaries of energy subsidies – Energy – Salon.com.

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