Who Is Paying To Subsidize Oil Companies? You Are.

The True Cost of Oil and Gas

We all know that oil and gas are expensive. But what most people don't realize is that the true cost of these fossil fuels is actually much higher than what we pay at the pump. According to recent report, global subsidies for fossil fuels amounted to $5.9 trillion in 2020.

That's right, we are all subsidizing the oil and gas industry to the tune of trillions of dollars every year. And this money isn't coming from corporate profits; it's coming out of our pockets.

Where Do These Subsidies Come From?

Fossil fuel subsidies come in many forms, but they all have the same goal: to make oil and gas cheaper for consumers. These subsidies can include:

• Tax breaks for oil and gas companies
• Direct payments to oil and gas companies
• Government-funded research and development for oil and gas
• Infrastructure investments that benefit oil and gas companies

In the United States, for example, the oil and gas industry receives billions of dollars in subsidies every year. In 2020, the U.S. government provided the oil and gas industry with $15.3 billion in tax breaks alone. This is more than the government spent on renewable energy research and development in the same year.

Why Are We Subsidizing Oil and Gas?

There are a number of reasons why governments around the world continue to subsidize oil and gas. Some of these reasons include:

• Concerns about energy security
• A desire to keep energy prices low for consumers
• Political pressure from the oil and gas industry

However, there is a growing recognition that the costs of subsidizing oil and gas are far outweighing the benefits. These costs include:

• Increased air pollution
• Climate change
• Economic inequality

What Can We Do?

We can stop subsidizing oil and gas companies. This will send a clear signal to the market that we are serious about transitioning to a clean energy future. It will also help to level the playing field for renewable energy sources, which are currently at a disadvantage due to the subsidies given to oil and gas.

Ending fossil fuel subsidies is not a simple task, but it is an essential one. If we want to create a more sustainable and equitable future, we need to stop supporting the fossil fuel industry.

Here are a few things that you can do to help end fossil fuel subsidies:

• Contact your elected officials and let them know that you support ending fossil fuel subsidies.
• Support organizations that are working to end fossil fuel subsidies.
• Reduce your own consumption of oil and gas.

By taking these steps, we can help to create a future where clean energy is affordable and accessible for all.