REPORT: More Than $20 Billion Annually In Government Subsidies For Oil

Today, Oil Change International released a comprehensive report on fossil fuel exploration and production subsidies in the U.S. – Cashing in on All of the Above: U.S. Fossil Fuel Production Subsidies under Obama – which demonstrates that at a time when we need urgent action on climate change more than ever, the U.S. government is channeling huge and growing amounts of money to increasing discovery and production of oil, gas, and coal. These federal and state subsidies totaled $21.6 billion in 2013. Subsidies that promote fossil fuel exploration are particularly harmful and hypocritical. The world's preeminent scientific institutions working on climate and energy have determined that the majority of the world's existing fossil fuel reserves need to be left in the ground in order to avoid catastrophic climate impacts. In 2012, the International Energy Agency (IEA) warned that "no more than one-third of proven reserves of fossil fuels can be consumed prior to 2050 if the world is to achieve the 2°C goal." The Intergovernmental Panel on Climate Change (IPCC) reached a similar conclusion in its 2013 climate assessment. 
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