FOR IMMEDIATE RELEASE January 10, 2017 Contact: Janet Redman, janet [at] priceofoil [dot] org David Turnbull, david [at] priceofoil [dot] org Study: U.S. Oil Industry Heavily Dependent on Government Handouts Almost Half of All U.S. Oil Production Subsidy Dependent Almost half of the oil production in the United States will depend on taxpayer handouts to make it … Read More
Subsidies: Propping Up Oil Profits & Polluting the Climate Oil Change International & Sierra Club January 2017 DOWNLOAD INFOGRAPHIC Almost half of all oil production expected to come online in the United States is only economic if the public props up private investments with taxpayer handouts. The other half of oil production would happen even … Read More
Guess who’s responsible for about half of all the oil that will be produced in the United States? You!
That’s according to a new study, which shows that 45 percent of US oil production depends on government handouts to make it profitable. Yes, your money is sponsoring pollution and lining the pockets of oil companies.
A handful of wealthy countries are still funding fossil fuels instead of climate action, giving 3.6 times more public money to prop up fossil fuels than they’re giving to developing countries to address climate change.