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Old 10-16-2012, 01:54 PM
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Ending U.S. Fossil Fuel Subsidies

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Working with partners and communities around the United States, we are pushing for an end to our government subsidizing the fossil fuel companies who are fueling global warming and polluting our democracy.

In the United States, credible estimates of annual fossil fuel subsidies range from $10 billion to $52 billion annually, far greater than any support for renewable energies. This at a time when Congress is slashing budgets for important social programs.

A fossil fuel subsidy is any government action that lowers the cost of fossil fuel energy production, raises the price received by energy producers or lowers the price paid by energy consumers. There are a lot of activities under this simple definition—tax breaks and giveaways, but also loans at favorable rates, price controls, purchase requirements and a whole lot of other things.

There have been a number of legislative attempts to remove these subsidies, but as of yet none have been successful. 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.

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. But Congress has never even proposed voting on all of them. Most recently, Senator Bernie Sanders and Representative Keith Ellison introduced the The Sanders / Ellison “End Polluter Welfare Act”, which would eliminate $11.3 billion fossil fuel subsidies annually. This bill has also not been voted on…so the fight continues.
http://priceofoil.org/campaigns/sepa...uel-subsidies/

Why does the oil industry need government subsidies for?
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Old 10-17-2012, 04:20 PM
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The oil industry may not actually need this leg up, but I think that the subsidies are too profitable and convinient to be removed or even cut back. In addition to that the oil industry has a real pull in Washington, so probably no way to see them cut in the forseeable future.
 
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Old 10-18-2012, 07:22 AM
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Originally Posted by Moejack View Post
The oil industry may not actually need this leg up, but I think that the subsidies are too profitable and convinient to be removed or even cut back. In addition to that the oil industry has a real pull in Washington, so probably no way to see them cut in the forseeable future.
I found funny that all of these big corporations are whining when they are going to be taxed, but when they get the taxpayer money subsidies that's ok for them.

Perhaps the government needs to revise all the taxpayer money subsidies for the mega corporations that don't need that anymore and use the taxpayer money to help create jobs.
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Old 10-26-2012, 11:47 PM
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We really need to invest more in renewables
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Old 10-27-2012, 07:37 AM
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We really need to invest more in renewables
Exactly, plus fossil fuel companies are manipulating the price at the pump with their own financial fund edges.
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Old 10-30-2012, 10:24 AM
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yup... no matter how much oil we have... i dont think they will reduce the price unless massive pressure or action is put on them.
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Old 10-30-2012, 08:50 PM
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I could be completely wrong here but I don't believe we will ever get off oil. The oil companies are way too invested in the United States economy. If something was to happen to hurt the oil companies the economy would collapse. For those of you too young to remember the electric car actually came out in the early eighties. Everybody loved them. Turned out they were all leased and when they became too popular they were recalled and destroyed. The only way we will change to something better will be if the oil companies control the new technology. Once again just my humble opinion.
 
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