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- Mar 16, 2010
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Fossil Fuels Get Half-A-Trillion-Dollar Christmas Present From Taxpayers
Read more at Fossil Fuels Get Half-A-Trillion-Dollar Christmas Present From Taxpayers | CleanTechnicaFossil fuels have dominated the global energy market and even the global economy for a long time. You would think that such mature industries wouldn’t need government subsidies — their annual revenue and profits are mind-boggling. However, with money comes power. And that money-power has a stranglehold on governments of the world such that it convinces governments to give them even more money in subsidies. Another recent study comes to the conclusion that the total annual subsidies fossil fuel companies get from governments in the developed world comes to about half a trillion dollars. This follows a 2010 study from the International Energy Agency that found fossil fuel industries got $550 billion in annual subsidies.