Rolling Stone: U.S. fossil fuel subsidies exceed pentagon spending
by Tim Dickinson, Rollingstone
The United States has spent more subsidizing fossil fuels in recent years than it has on defense spending, according to a new report from the International Monetary Fund.
The IMF found that direct and indirect subsidies for coal, oil and gas in the U.S. reached $649 billion in 2015. Pentagon spending that same year was $599 billion.
The study defines “subsidy” very broadly, as many economists do. It accounts for the “differences between actual consumer fuel prices and how much consumers would pay if prices fully reflected supply costs plus the taxes needed to reflect environmental costs” and other damage, including premature deaths from air pollution.
Latest posts by Guest Blogger (see all)
- The power of finance to transform our economy - December 2, 2019
- Repsol is first oil major to pledge zero emissions by 2050 - December 2, 2019
- Coal power becoming ‘uninsurable’ as firms refuse cover - December 2, 2019
Leave a Reply
Want to join the discussion?Feel free to contribute!