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Related: About this forumThanks to the fracking boom, we’re wasting more money than ever on fossil fuel subsidies
http://grist.org/climate-energy/thanks-to-the-fracking-boom-were-wasting-more-money-than-ever-on-fossil-fuel-subsidies/?w=470&h=265&crop=1
You probably know that the U.S. government subsidizes fossil fuel production. But heres something you probably dont know: Those subsidies have recently increased dramatically. According to a report released last week by Oil Change International, Federal fossil fuel production and exploration subsidies in the United States have risen by 45 percent since President Obama took office in 2009, from $12.7 billion to a current total of $18.5 billion. We are, as the report observes, essentially rewarding companies for accelerating climate change.
At first glance, this seems strange. Why would there be such a big increase under a Democratic president who has committed his administration to combatting climate change, and who has even repeatedly called for eliminating exactly these kinds of dirty energy subsidies?
The short answer: fracking. The fracking boom has led to a surge in oil and natural gas production in recent years: Oil production is up by 35 percent since 2009, and natural gas production is up by 18 percent. With more revenues, expenditures, and profits in the oil and gas industries, the value of the various tax deductions for the oil industry has soared. So, for example, the deduction for intangible drilling costs cost taxpayers $1.6 billion in 2009, and $3.5 billion in 2013.
Oil Change argues that the increase in the size of subsidies is Obamas fault. The report is even titled Cashing in on All of the Above: U.S. Fossil Fuel Production Subsidies under Obama. And its true that Obama endorses the farce of energy independence and pushes an all of the above energy strategy, which includes making public lands and offshore areas available for fossil fuel extraction.
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Thanks to the fracking boom, we’re wasting more money than ever on fossil fuel subsidies (Original Post)
xchrom
Jul 2014
OP
Gotta make those Kochs even richer so they can destroy the world even faster! nt
valerief
Jul 2014
#1
valerief
(53,235 posts)1. Gotta make those Kochs even richer so they can destroy the world even faster! nt
Rhiannon12866
(205,541 posts)2. And not just in the U.S., either...