diff --git a/fossil_fuels/subsisides.md b/fossil_fuels/subsisides.md new file mode 100644 index 0000000..e89eabe --- /dev/null +++ b/fossil_fuels/subsisides.md @@ -0,0 +1,18 @@ +## Subsidies + +#### Fossil fuel subsidies uphold and enable the fossil fuel industry to carry out large-scale pollution + +* [Roosevelt Institute 19](https://rooseveltinstitute.org/wp-content/uploads/2019/06/GND_policy-brief-fossil-fuel-subsidies.pdf) (additional sources referenced) + * The US government spends approximately **$20.5 billion** subsidizing the fossil fuel industry [1] + * $14.7 billion federal subsidies + * $5.8 billion state subsidies + * Subsidies: + * **prop up** the existing fossil fuel sector + * drive up fossil fuel **extraction and use** + * develop **domestic fossil fuel assets** + * represent an **obstacle to renewable energy** investment by artificially increasing the relative cost of renewable energy [2] + * If we got rid of fossil fuel subsidies, **almost half of all new US oil production would be unprofitable and thus left undeveloped [3]** + * Additional sources referenced: + * [1]: [Redman 17](http://priceofoil.org/2017/10/03/dirty-energy-dominance-us-subsidies/) + * [2]: Carbon Pricing Leadership Coalition 17 + * [3]: [Erickson et al. 17](https://www.nature.com/articles/s41560-017-0009-8)