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