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Description: Capitol Spill Background:
$2.4 Billion: subsidies to the Big Five producers debated and defeated in the Senate in 2011 and 2012 The Repeal Big Oil Tax Subsidies Act, sponsored by Senator Menendez (D-NJ) was debated and defeated by the Senate for two years running, and would have eliminated $2.4 billion in annual tax deductions for the five major oil companies: BP, Exxon, Chevron, Shell and ConocoPhillips.
Although the move would have been an initial step, it’s just the tip of the iceberg. So called “independent” oil companies are hardly small businesses. Major integrated oil companies also include Occidental, Amerada Hess, Marathon, Murphy Oil and dozens of others. Together, these companies produced 53.5 percent of U.S. oil in 2009.
$4 Billion: Subsidy cuts President Obama proposed in the 2013 budget. President Obama has proposed cutting fossil fuel subsidies every year he’s been in office. The projections for savings have varied slightly each year but always hover around $4 billion annually. Congress has never even proposed voting on all of them.
$10 billion. Low end credible comprehensive estimates. Several recent independent estimates of U.S. fossil fuel subsidies all arrive at roughly this number, although they consider slightly different things. Recent studies include those conducted by Management Information Services, Environmental Law Institute, and the Organization for Economic Cooperation and Development – OECD. (The OECD numbers compiled and analyzed here.)
The Sanders / Ellison “End Polluter Welfare Act” also clocks in at $11.3 billion annually.
$52 billion. Highest credible comprehensive estimate. Includes some costs associated with defending pipelines and shipping lanes in the Persian Gulf. Earth Track estimates that annual oil, gas and coal subsidies total about $52 billion annually.
As if that wasn’t enough, the reality is that the fossil fuel industry has profound impacts in much bigger ways.
x Health. A 2009 report by the National Academy of Sciences claims that burning fossil fuels results in about $120 billion per year in health-related costs. Infrastructure spending. The US is already committed to spending at least $1.6 trillion additional dollars per year in maintenance, new vehicles and fuel. We built our power transmission lines on the assumption of large, remote power plants. We build our houses and industries on the assumption of cheap electricity; those practices, codes and regulations are still embedded in our construction and manufacturing sectors. We built our power transmission lines on the assumption of large, remote power plants. x Costs from climate change. The costs of accelerating climate change are staggering, and are certainly greater than the costs of ending our dependence on fossil fuels.
For more information visit http://priceofoil.org/fossil-fuel-subsidies/
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Posted by: AGelbert May 05, 2017, 04:10:59 pm
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