Subsidies From US and States to Oil in 2013? Billions.
|July 16, 2014||Posted by Staff under Environmental, Subsidies & Waste & Public Debt|
This 2014 excerpt of Thom’s Blog, Jly 11 is by Thom Hartmann.
Oil Change International figures the oil, gas, and coal industries raked in $21.6 billion dollars in state and federal subsidies in 2013 alone. In comparison, the entire 2013 budget request for the Department of Labor was only $12 billion dollars, and the Environmental Protection Agency only requested about $8 billion. We’re giving the industry that destroys our planet more than two and half times the amount we pay to protect it.
Not only do these subsidies pad the pockets of oil companies, but they put tax payers on the hook for the social costs of destroying our planet. If Big Oil had to pay the true cost of fossil fuel extraction, they wouldn’t be able to drill away without a second thought about the communities and the lives that they devastate in the process.
Ed. Notes: If oil companies had to pay their way, they could not even turn a profit. No extractor could. By subsidizing them, making them profitable, we are paying for our own destruction.
A better way is to not subsidize anybody for anything. Instead, government would merely distribute a dividend to citizens from society’s surplus. What’s that? Earth’s worth. It’s all the money that we spend for the nature we use. The land portion of mortgages. The value of oil in the ground embedded in the price of gasoline. Such “rents” are embedded in the price of everything we buy.
With its power to tax or fine or charge fees or institute dues, government could redirect this spending from oil companies and banks, etc, into the public treasury then back out as a Citizen’s Dividend. Even oil company owners and bosses would get their share. But it’d be a tiny fraction of the subsidies they’re getting now.