The TRUTH about fossil fuel subsidies.

The fossil fuel industry received more than a TRILLION dollars in direct subsidies in 2022, and some say if the impacts on the climate and environment were factored in, that number would be nearly six times higher. But, if we take the subsidies away, asks the fossil fuel industry, then how will people be able to afford to heat their homes?

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Research Links

Fossil Fuel Reform

Our Eden - Dong to Orsted. The oil giant that turned green.

IEA Report on Fossil Fuel subsidies

IMF Report on Fossil Fuel subsidies

Global Subsidies Initiative report

Nature Article by Jocelyn Timperley : The Fight to End Fossil Fuel Subsidies

IISD Article : G20 Scorecard on fossil fuel funding

IISD Article : Cutting emissions through fossil fuel subsidy reform and taxation

Allianz report ; Abolishing fuel subsidies in a green and just transition

MIT Article on Stranded Assets

Impakter Article on Fossil Fuel Subsidies

[brushlessmotoring]

As a science communicator, I can't think of anyone as effective and condensed as your videos - they are so well done, not too ranty, or preachy, humorous, and packed with meaningful links. So helpful to share with the lets-do-nothing-crowd on the socials - I apologize in advance for bringing them to your door!

[algfourty]

Measured in trillions, money stops even meaning anything on human scales. It's absolutely appalling how much hydrocarbons are being subsidised 😡

[GoCoyote]

As an electrician in the power production industry, it is so nice to have someone calmly and clearly explain the implications of fossil fuel subsidies. Something that would add greatly to this information is the EROI for oil and gas, which some people put as low as 14 to 1. The US taxpayers have paid on average in inflation adjusted dollars, 4.8 billion dollars a year since 1918 in direct subsidies to the oil and gas industry, and just 0.38 billion (380 million) dollars a year in subsidies for renewables since 1994, yet utility scale renewables are now the cheapest source of energy.

I find it especially ironic that so many people who become apoplectic at the idea of providing subsidies to renewables, are the same people who espouse free market capitalism at all costs, while saying that we cannot afford to switch from oil and gas to renewables since that would destroy our economy.

[mrbizi]

Nice work shining a light on a topic big oil doesn’t want anyone to know. There is NO way they need subsidies. If they do get one, then their CEOs need to forfeit their bonuses!!! That’s just fiduciary responsibility

[bramtencate]

0:38 one small error. Shell isn't royal anymore, neither is it Dutch... About 1 year ago the Dutch government wanted shell to start paying taxes. So they moved their headquarters to England, the dutch king revoked their royal state. So it's now just called Shell.

[rklauco]

Well researched, quite depressing. I so hope more people will realize how bad the situation is and change the tune. But looking at my country of origin (Slovakia) - it goes exactly the other way.

[eriktempelman]

Point taken: these monsters are making so much money that they can buy all politicians with their spare change.

[BobQuigley]

How else do you expect Saudi Arabia to pay for their one half mile wide, 125 mile long, 1, 000 foot high glass enclosed horizontal city??? In UK the price paid to own Parliament has been facing huge inflation pressures!! BP would have to pay their executives reasonable wages, think of the loss of yacht sales for UKs shipyards! In US cutting these profits are a direct thread to the Congressional Military Industrial Complex and it's owners operators the corporate Warfare Queens who never lose a contract. This would be catastrophic for the .01%!

[ganjalogic]

I think one of the biggest problems is that subsidies often focus on keeping the unit price of energy low, which encourages high usage. If you instead subsidize a certain amount of energy (say a normal family's usage) and then make people or companies pay market rate beyond that, you strongly incentivize saving energy.

[daveandrew]

Those compensation figures are almost certainly significantly understated. Many CEO's also receive 'life insurance' packages which are actually funded annuities that pay off after their retirement. They will keep receiving large amounts of money well after they step down from their positions.

[OldScientist]

As regards subsidies, a comprehensive analysis of US government subsidies per unit of electricity generated from 2010-2019 found that solar got 211 times more subsidies ($82.46/MWh) than natural gas ($0.39/MWh) and wind got 48 times more subsidies ($18.86/MWh) than natural gas.

[cg]

Awesome that you and Fully Charged are working together!

[pdxyadayada]

Well said! You’re a hero in the continuing combat against fossil fuel corporate control..

[KellyandDoug]

Another great episode thank you. I wish we could have your videos shown at schools every week. To help create a greater all round public understanding of what is going on. It's people like you that will hopefully save humanity from its own greed and stupidity. thanks again for all the effort you put into your channel.

[Jumper]

Last time oil was at this price gasoline was half the price. Wages and other expenses in the petroleum industry were around the same.

Someone somewhere is making huge profits, executive bonuses and shareholder returns.

[eg]

Simply WOW! 😮Thanks for your report and the precious links!

[MarioVesco]

As usual well thought out, structured, researched and packed. Truly appreciated!!

[ruemeese]

Thanks - that level of subsidies is absolute insanity.

[elephantintheroom]

We love you Dave! Thanks for all you do to educate and inform us. If only the politicians and the journalists were required to watch your videos...

[StogerStudios]

This is truly an incredible channel, I watch every video intently. Please continue to upload at this level of quality, research and frequency!