Facing South

Oil industry subsidies: A gusher of another kind

bp_oil_slick_fire.jpgAmount of public funds spent worldwide subsidizing the oil and gas
industry from 2000 to 2007: at least $61.3 billion

Rank of the U.S. among providers of aid to the global oil industry
during that time: 1

Amount of subsidies the U.S. provided to the industry worldwide: $15.6 billion

Subsidies provided by the World Bank Group, the industry's single
biggest benefactor: $8 billion

Year in which Paul Wolfowitz, who as U.S. Defense secretary was a key
architect of the Iraq War, became president of the World Bank Group: 2005

Year in which the World Bank increased its energy sector commitments by
more than half: 2006

Percent of the World Bank's energy program accounted for by funding to
the oil and gas sector: 77

Percent accounted for by renewables: 5

Amount the International Finance Corp., the private-sector lending arm
of the World Bank, provided to oil and gas companies in 2007: more than $645 million

Percent by which the IFC increased support for oil and other fossil-fuel
projects in 2006: 93

Percent by which it increased support for renewables and efficiency that
year: 46

Percent of World Bank Group's extraction projects since 1992 that have
been designed for export rather than alleviation of energy poverty: more than 80

Estimated amount in domestic subsidies that national governments provide
each year to the oil and gas industry: $150 billion to $250 billion

Estimated amount of annual subsidies the U.S. gives the oil industry if
the Strategic Petroleum Reserve and Coast Guard protective services are
counted: $78 billion to $158 billion

Amount in annual U.S. subsidies to the oil industry related just to the
military protection of oil-producing facilities and shipping lanes: $19 billion

Amount in subsidies for oil and gas companies over the next decade that
the Obama administration recently asked Congress to end: $36.5 billion

Percent of expected domestic oil and gas revenues over the coming decade
that amount represents: about 1

Amount by which ending subsidies for the oil industry would affect
domestic U.S. production, according to the Department of Treasury: less than one-half of 1 percent

(Click on figure to go to original source.)

(U.S. Navy photo of a controlled burn of the BP oil spill in the Gulf of Mexico by Mass Communication Specialist 2nd Class Justin Stumberg.)


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re: Oil industry subsidies: A gusher of another kind

searching for information on oil industry subsidies, and, here you are. first, I didn't see one y'all or word misspellings; two, it doesn't sound like a drawl; and three, the facts are succinctly stated so AP won't pick you up, likely, any sooner than Mr. Kristol's rag. Thanks, I'll book-mark you as you seem interested in knowledge, not regionalisms. Keep the facts coming, put 'em on the site by folders or subjects, and I hope, you'll gain more facebook/twitter/whatever fans than Lady Gaga..... What does THAT say about us? Or 40% of US don't know who we gained independence from..... k

re: Oil industry subsidies: A gusher of another kind

WHY? What is the rational for this? This makes me sick.