{"id":61800,"date":"2022-02-07T16:32:17","date_gmt":"2022-02-07T21:32:17","guid":{"rendered":"https:\/\/olduvai.ca\/?p=61800"},"modified":"2022-02-07T16:32:17","modified_gmt":"2022-02-07T21:32:17","slug":"fossil-fuel-companies-received-5-9t-in-subsidies-worldwide","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=61800","title":{"rendered":"Fossil Fuel Companies Received $5.9T in Subsidies Worldwide"},"content":{"rendered":"
\n
\n
\n
\n

Fossil Fuel Companies Received $5.9T in Subsidies Worldwide<\/a><\/h3>\n<\/div>\n
\n

Fossil fuel subsidies shield us from the real price at the pump<\/strong><\/p>\n<\/div>\n

\n
\n
\n
\n
\"\"<\/div>\n<\/div>\n<\/div>\n<\/div>
Oil Refinery at Night<\/a><\/figcaption><\/figure>\n

2020 was a banner year for fossil fuel subsidies worldwide propping up the world\u2019s oil companies with $5.9T in subsidies according to the\u00a0International Monetary Fund<\/a>. Conservative estimates put\u00a0US subsidies<\/a>\u00a0to oil companies at around $20.5B annually.<\/p>\n

\n

Subsidies make fossil fuels cheaper for the consumer making it a tough sell to go green<\/p>\n<\/blockquote>\n

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.<\/p>\n

\n

Fossil-fuel subsidies are one of the biggest financial barriers hampering the world\u2019s 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 \u2014 more than triple what renewables receive \u2014\u00a0nature<\/a>.<\/p>\n<\/blockquote>\n

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 \u2014 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.<\/p>\n

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…<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/section>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Fossil Fuel Companies Received $5.9T in Subsidies Worldwide Fossil fuel subsidies shield us from the real price at the pump Oil Refinery at Night 2020 was a banner year for fossil fuel subsidies worldwide propping up the world\u2019s oil companies with $5.9T in subsidies according to the\u00a0International Monetary Fund. Conservative estimates put\u00a0US subsidies\u00a0to oil companies […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[13961,4654,9203,328,32597],"class_list":["post-61800","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-energy-return-on-investment","tag-eroi","tag-fossil-fuel-subsidies","tag-fossil-fuels","tag-gary-janosz"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61800"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61800\/revisions"}],"predecessor-version":[{"id":61801,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/61800\/revisions\/61801"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}