New study sparks outrage after revealing how US government funnels billions of dollars to fossil fuel industry giants: ‘Lining the pockets’. The government doles out over $30 billion per year in funding to support the industry. “…lining the pockets of shareholders and investors and executives.”
by mafco
17 comments
Remove the subsidies and if they cant make it on their own then we dont need them.
Who is still in the dark about subsidies we give the oil and gas markets? We have gone to war for oil in the USA a dozen times in my life. If that isn’t widely accepted as a subsidy to big oil we are hopelessly too stupid and deserve what we get.
Policy inertia lets oil giants rake in billions while we engineers wait for the green light to actually build something new. Feels like the definition of a treadmill in energy strategy.
Get rid of subsidies to the oil industry. They can make it
People just now figuring this out. Wow.
New study? This shit’s been happening since the 70 or earlier. Why do you think the people who are paying attention talk about corporate welfare. The oil industry are severe welfare queens. An industry that basically makes nothing but profit getting our tax dollars to help them be more profitable. Free market my ass.
We have to get money out of politics. Any logical attempt to cut government spending would start with canceling funding to all profitable corporations. This administration did the opposite to the extent that they literally shutdown competitors in the form of green power projects. Unlimited corporate political contributions have corrupted our democracy to the core.
Not to mention below market leases and collusion on bidding.
All to keep fossil energy “affordable” and keep the engines running, concealing the true cost. Not even the environmental true cost which is incalculable, but the actual, business-model, spreadsheet, P&L true cost. It’s crooked accounting all the way down.
Because voters get mad when the price of gas goes up even a little. If they had to pay true cost they’d freak out big time. But when they pay the fossil majors out of their tax dollars, they grumble a bit about taxation but otherwise go on voting for the pols who rig the subsidies for the fossil majors. So the system works. For what it’s designed to do.
Stop supporting the industry, let them fail on their own
I have read the article and it has ZERO info on the subsidies, only some talk about how that is bad.
But EVs and their batteries!!!
The best gubmint that oil money can buy. It’s so darned reciprocal.
And you know how poor those oil magnates are. Booo-hooo. So sad. They live paycheck to paycheck. Hardly make any money from fossil fuel extraction/refining/retail sales.
So how much funding support is given to the much cheaper and cleaner solar/wind/geothermal renewable energy side by comparison?
These subsidies to big oil have been going on for years and years and years.
💸💸💸💸💸💸💸💸💸💸💸💸💸
Decades ago Big Oil CEOs testified to Congress that the industry doesn’t really need any subsidies. It’s laughable to claim that the wealthiest industry on the planet couldn’t stay in business without them. They accomplish nothing except increasing profit margins, executive bonuses and shareholder dividends. Nothing for the American taxpayer, who is already getting screwed daily with spiking energy prices.
This hasn’t been “news” for decades
I’m a conservative. And let’s stop giving industry subsidies.
Note: reading and following the links some of the info is regarding global subsidies from g20 governments and it’s not clear that any 2025 funds are included.
Industry insider said to me once:
The subsidies are set up so there no risk to trying to drill a well. The cost of 3 or 4 or 10 bad wells just reduces the taxes that would have been collected for the next good well. As long as you drill long enough to hit a good well the bad ones are all free.
Which makes sense if you are a govt trying to maximize production.
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