Stephan: Did you know the people of the world pay $10 million a minute in subsidies to fossil fuel multi-nationals like Exxon-Mobil, Shell, and BP for a total of $5.3 trillion a year? Don't feel bad the American media doesn't seem to know it either, or at least it doesn't think it worth mentioning. I heard about this report and had to go to a British newspaper to find a decent story on the subject. With the exception of VOX and a couple other small outlets, no media in the U.S. could be bothered to think about it.
Just looking at America we have no money to feed or house the millions of poor children in the U.S. Nor do we have adequate money for childcare, or elder care. And rebuilding our infrastructure as we slide into second world status? Sorry. But the richest corporations in human history? Well, for them, we just can't shovel the tax payer money out fast enough.
You and I, thanks to the corporate vassals — excuse me members of Congress — who pass the laws allowing this are literally subsidizing the destruction of our planet's ecosystem. Children may starve, grannies may eat dog food, but fossil fuel executives have eight figure incomes. There, doesn't that make you feel better.
Marathon Petroleum refinery in Canton, Ohio, got a job subsidy scheme worth $78m when it started in 2011.
Credit: PR
Fossil fuel companies are benefiting from global subsidies of $5.3 trillion (£3.4tn) a year, equivalent to $10 million a minute every day, according to a startling new estimate by the International Monetary Fund. (emphasis added)
The IMF calls the revelation “shocking” and says the figure is an “extremely robust” estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments.
The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused to local populations by air pollution as well as to people across the globe affected by the floods, droughts and storms being driven by climate change.
Obviously, as a species, we are idiots for subsidizing anything but wind and solar.