Understanding how subsidies affect fossil-fuel production is crucial to tackling climate change.

This video looks at the latest research into the impact subsidies and support have on the Fossil Fuel industry, the effect on oil price and how things may change going forward.

The latest data on US fossil fuel subsidies along with the cost of subsidies and the impact of fossil fuel subsidies is examined and reported. Whilst much discussion recently has been on the impact of fossil fuel support and subsidies has been on the Coal market, the oil and gas subsidies are equally as important. Total US fossil fuel subsidies matter as are crucially important for limited climate change. The most recent numbers for fossil fuel subsidies 2016 shows that over $300bn is spent annually.

References

- Analysing oil-production subsidies - R. Steenblik
- Effect of subsidies to fossil fuel companies on United States crude oil production - Erickson, P., Down, A., Lazarus, M. & Koplow, D. Nat. Energy
- 2009 Leaders’ Declaration (APEC, 2009)
- Metcalf, G. The Impact of Removing Tax Preferences for US Oil and Gas Production (Council on Foreign Relations, 2016)
- Inventory of Estimated Budgetary Support and Tax Expenditures for Fossil Fuels 2013 (OECD, 2013)
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