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Study: U.S. Fossil Fuel Subsidies Exceed Pentagon Spending

9/11/2020

1 Comment

 
The US spent more subsidizing fossil fuels than on defense spending, according to a new report from the IMF which found that direct and indirect subsidies for coal, oil and gas in the U.S. reached $649 billion in 2015. Pentagon spending that same year was $599 billion. The study defines “subsidy” very broadly, as many economists do. It accounts for the “differences between actual consumer fuel prices and how much consumers would pay if prices fully reflected supply costs plus the taxes needed to reflect environmental costs” and other damage, including premature deaths from air pollution. These subsidies are largely invisible to the public, and don’t appear in national budgets. Broken down to an individual level, fossil fuel subsidies cost every man, woman and child in the United States $2,028 in 2015. - Rolling Stone
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1 Comment
Chris
9/16/2020 11:06:37 am

It's mind blowing to me that any country could spend that much just to continue enabling the burning of fossil fuels. I wish that money was put towards renewable energy and alternative transport development, as well as research into climate change. Finding methods to reverse some of the damage we have done would also be a huge help to the planet. The fact that our demand for oil and gas has led to fracking and waste water injection which causes earthquakes is also insane.

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