industrial welfare

Unpublished info. released at the request of ministers of the G20:

Fossil fuel subsidies cost the global economy $557 billion in 2008.

Source: International Energy Agency, OPEC, OECD, World Bank.

Obama began to roll back U.S. subsidies for fossil fuels almost immediately after taking office.

The 2009 federal budget eliminated subsidies worth $12.7 billion during Obama’s first term and an estimated $31.5 billion over the decade. The budget implemented an excise tax that restored royalty revenues that had been omitted from off-shore drilling sites.