Oil Change International

Exposing the true costs of fossil fuels

Cashing in on All of the Above: U.S. Fossil Fuel Production Subsidies under Obama

Cashing in on All of the Above: U.S. Fossil Fuel Production Subsidies under Obama

Oil Change International

July 2014

A new report by Oil Change International, Cashing in on All of the Above: U.S. Fossil Fuel Production Subsidies under Obama, demonstrates the huge and growing amount of subsidies going to the fossil fuel industry in the U.S. every year. In 2013, the U.S. federal and state governments gave away $21.6 billion in subsidies for oil, gas, and coal exploration and production.

The value of fossil fuel exploration and production subsidies from the federal government have increased by 45 percent since President Obama took office in 2009 – from $12.7 billion to a current total of $18.5 billion – a side effect of his Administration’s “All of the Above” energy policy that promotes the U.S. oil and gas boom and amounts to nothing less than climate denial. President Obama has repeatedly tried to repeal some of the most egregious of these subsidies, but these attempts have been blocked by a U.S. Congress that has been bought out by campaign finance and lobbying expenditures from the fossil fuel industry.

In addition to exploration and production subsidies to oil, gas, and coal companies, the U.S. government also provides billions of dollars of additional support to the fossil fuel industry to lower the cost of fossil fuels to consumers, finance fossil fuel projects overseas, and to protect U.S. oil interests abroad with the military. Finally, while the fossil fuel industry enjoys record profits, U.S, taxpayers will pay the bill for external health and environmental costs from local pollution and climate change impacts.

Download the full report here: http://priceofoil.org/content/uploads/2014/07/OCI_US_FF_Subsidies_Final_Screen.pdf

Read more:

http://priceofoil.org/fossil-fuel-subsidies/

http://shiftthesubsidies.org/#regions/national/US

Comments (2)

  1. thomas richards says:

    Stop Oil – Start Future ! !

  2. Sharyn Hanson says:

    I am damn mad and believe you me You (Republicans and teaparty members) will be damn sorry come 2016 when you are all voted out of office and brought up on charges of neglect, greed and abusing your power and the system of democracy. You are not doing your job and therefore will be fired thru the election process, or do you think you will take that away from us too?

    Some of you may hate Obama, however, you need to figure it out: Most of us don’t and we ALL will retaliate against every single one of you. You all think you are hurting us because we elected Obama, well just wait and see who is hurt the most: United WE THE PEOPLE shall STAND!!

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