$100 Billion. That’s what the big 5 oil companies have made in profits since January 1. $102.85 billion to be more precise, according to my own calculations (see table below). That means that they’re on course to top $140 billion for 2011. More if oil prices keep rising. And that’s in a year when unemployment … Read More
oil subsidies
Top 5 myths about subsidies to oil companies
This is a cross-post from Transition Voice. Written by Erik Curren Can the president who killed Osama bin Laden now stand up to Big Oil? Encouraged by comments made by House Speaker John Boehner that subsidies for oil and gas companies should be on the table, Democrats led by Montana Sen. Max Baucus last week … Read More
What oil subsidies is Obama targeting?
Last night, The President once again proposed ending subsidies to the oil industry. As we’ve said before, this is a great idea, and should be supported in full. That said, although we haven’t seen details, it’s quite unlikely that the Administration is proposing to eliminate all these subsidies. First, there is an important difference from … Read More
“Clean” Obama Versus Newt King Coal?
So we have been here before. A year ago Obama called for the ending of fossil fuel subsidies in his state of the Union address. Since then we have had two significant events: the Gulf oil spill, that you would have thought would have made it easier for politicians to stop subsidising oil companies. Then … Read More
Big Oil Blames BP, Just Don’t Mention the Walruses….
Is this what the beginning of the end of the oil age looks like? Millions of gallons of oil continue to pour out across the Gulf, devastating wildlife and countless livelihoods, from tourism to fishermen. Thousands of people are employed scooping, skimming, burning and mopping up oil in a largely fruitless gesture.
FT: Ending subsidies is “An idea whose time has come”
I don’t know how many G20 leaders will have time to read the FT website today, but they should. The paper’s editorial is nothing short of staggering. It starts by stating “As addictions go, the world’s addiction to fossil fuels is a killer.” Coming from the mouthpiece of one of the world’s financial capitals, which … Read More
Ending Subsidies or Shifting Blame?
So the political road-show moves from the UN up to the G20 at Pittsburgh, where climate and the banking crisis will be on the table. And so will a discussion about ending fossil fuel subsidies. For years campaigners have been arguing for the ending of the tax breaks and other incentives given to the fossil … Read More
Obama Targets $30 Billion Oil and Gas Subsidies
Who would be an oil baron these days? Profits are down, the oil price is bouncing depressingly around in the mid-forties, reserves are running dry, and the promised land of tar sands is not looking that promising after all. And the global economy is going down the pan, so demand for your product is likely … Read More
World Bank lending for coal up 256%…
Relying exclusively on the World Bank’s own figures, a new analysis shows World Bank Group lending to coal, oil and gas is up 94% from 2007, reaching over $3 billion. Coal lending alone has increased an astonishing 256% in the last year. This is the same World Bank that would like to lead – and … Read More
EIA: Offshore drilling won’t impact prices until…2030…if then.
I had just started to draft a blog about this when I caught Joe Romm’s excellent post on the same topic. Over to you, Joe: Or, jump directly to the Energy Information Administration’s report.