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Fossil Fuel Companies Received $5.9T in Subsidies Worldwide
Fossil fuel subsidies shield us from the real price at the pump
2020 was a banner year for fossil fuel subsidies worldwide propping up the world’s oil companies with $5.9T in subsidies according to the International Monetary Fund. Conservative estimates put US subsidies to oil companies at around $20.5B annually.
Subsidies make fossil fuels cheaper for the consumer making it a tough sell to go green
Energy subsidies keep customers’ prices below actual market levels while rewarding oil companies with above-market prices so they remain profitable. Subsidies also offset the costs of continued oil exploration and help shield the oil companies from the costs incurred by pollution and global warming.
Fossil-fuel subsidies are one of the biggest financial barriers hampering the world’s shift to renewable energy sources. Each year, governments around the world pour around half a trillion dollars into artificially lowering the price of fossil fuels — more than triple what renewables receive — nature.
There are many articles written about what we as individuals can do to help in the fight against climate change, however, most Americans are not willing to make any sacrifices that hit them in the wallet — higher gas prices or higher home energy costs. But there will be costs involved as we move away from energy sources with a high Energy Return of Investment (EROI) like oil to renewable sources with much lower EROI. The higher the EROI the more bang for the buck.
Keeping fossil fuel energy prices artificially low makes them more attractive to consumers. Cost-conscious consumers are more likely to conserve and cut back on energy use when energy costs are expensive. We are recently experiencing a surge in natural gas prices so much that winter energy bills are coming in at three times normal…
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When Renewables Are Not Renewable
Sure the wind and sun are renewable, but the collectors we build are not
We term an energy source “renewable” when the energy provided is powered by the sun — wind and solar, or powered by gravitational forces — tidal. However, the energy collectors are not renewable.
Solar
Solar panels must be replaced every 30 to 40 years because solar panels degrade efficiency by about 1% per year. If we covered the entire state of Arizona with solar panels, they would produce enough electricity to power the world at our current level of demand — but they would have to be replaced every 30–40 years.
Presently one US company has a recycling program for their solar panels. The cost of recycling is $20 to $30 per panel. Taking the panels to the nearest landfill cost only $1 to $2 per panel. In addition to the devastating waste produced by solar panels, they are manufactured from finite materials found under the Earth — limited materials whose mining disrupts and poisons the ecosystem.
By 2050, the International Renewable Energy Agency projects that up to 78 million metric tons of solar panels will have reached the end of their life, and that the world will be generating about 6 million metric tons of new solar e-waste annually — WIRED
Over half of the industrial processes involving heat cannot be performed by electricity. Electricity alone can not produce the high temperatures necessary. The hottest industrial operations performed by electricity are limited to 1,832 degrees Fahrenheit. The manufacturing process for solar panels involved temperatures between 2,700 degrees Fahrenheit and 3,600 degrees Fahrenheit — meaning it takes fossil fuels to build solar panels. No procedures exist to build them any other way.
Wind
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