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Report: Fossil Fuel Industry Benefits from $20 Billion in US Subsidies (2008-2015)
Report: Fossil Fuel Industry Benefits from $20 Billion in Subsidies in the U.S.
By Steve Horn • Thursday, November 12, 2015
A new joint investigative report by Oil Change International and the Overseas Development Institute reveals that, in the United States alone, the fossil fuel industry has benefited from over $20 billion per year in government subsidies between 2008-2015.
The percentage of subsidies has skyrocketed during the two terms of the Obama Administration, growing by 35 percent since President Barack Obama took office in 2009. The findings are part of a broader report on subsidies given to G20 countries ahead of the forthcoming G20 Leaders Summit in Antalya, Turkey, set to take place November 15-16.
“Since the initial G20 commitment in Pittsburgh six years ago, US subsidies have increased dramatically in [the Obama] Administration, in line with the increase in US oil and gas production,” said Steve Kretzmann, executive director of Oil Change International. “The President can and must do more to eliminate subsidies at home and to keep carbon in the ground in the time he has left.”
.....snip....
The U.S. not only subsidizes fossil fuels on the domestic frontier, but also acts as a global fossil fuel subsidizing missionary force of sorts.
“Internationally, US public financing for fossil fuel production via the Overseas Private Investment Corporation (OPIC) and US Export-Import Bank (ExIm) averaged $3 billion annually in 2013 and 2014, with an additional $743 million annually through US shares of multilateral development banks,” explains the report.
That and much more can be found in the 100-plus page report.
The report's release coincides with a November 14 day of action online and offline around the world, calling for an end to fossil fuel subsidies. Follow the action on Twitter at the hashtag #StopFossilSubsidies and on Flickr.
Read in full~
http://www.desmogblog.com/2015/11/12/fossil-fuel-industry-united-states-20-billion-subsidies
By Steve Horn • Thursday, November 12, 2015
A new joint investigative report by Oil Change International and the Overseas Development Institute reveals that, in the United States alone, the fossil fuel industry has benefited from over $20 billion per year in government subsidies between 2008-2015.
The percentage of subsidies has skyrocketed during the two terms of the Obama Administration, growing by 35 percent since President Barack Obama took office in 2009. The findings are part of a broader report on subsidies given to G20 countries ahead of the forthcoming G20 Leaders Summit in Antalya, Turkey, set to take place November 15-16.
“Since the initial G20 commitment in Pittsburgh six years ago, US subsidies have increased dramatically in [the Obama] Administration, in line with the increase in US oil and gas production,” said Steve Kretzmann, executive director of Oil Change International. “The President can and must do more to eliminate subsidies at home and to keep carbon in the ground in the time he has left.”
.....snip....
The U.S. not only subsidizes fossil fuels on the domestic frontier, but also acts as a global fossil fuel subsidizing missionary force of sorts.
“Internationally, US public financing for fossil fuel production via the Overseas Private Investment Corporation (OPIC) and US Export-Import Bank (ExIm) averaged $3 billion annually in 2013 and 2014, with an additional $743 million annually through US shares of multilateral development banks,” explains the report.
That and much more can be found in the 100-plus page report.
The report's release coincides with a November 14 day of action online and offline around the world, calling for an end to fossil fuel subsidies. Follow the action on Twitter at the hashtag #StopFossilSubsidies and on Flickr.
Read in full~
http://www.desmogblog.com/2015/11/12/fossil-fuel-industry-united-states-20-billion-subsidies
You can find the links to email &/or tweet some major players around the world here~
http://stopfundingfossils.org/#map