Category Archives: Oil Business

Fossil Fuel Subsidies

LinkedIn also reported on Tuesday, May 18, people around the world were shocked and horrified to discover that companies that drill and mine for fossil fuels benefit from global subsidies handed out by world governments at a dollar amount equivalent to approximately $10 million every minute according to an International Monetary Fund announcement. More than half of all government subsidy grants are used to treat air pollution victims and pay out sums to people who suffer incomes losses while sick from various types of fossil fuel pollution and to the families of those who die from the pollution.

Needless to say, a lot of people worldwide have been talking about this revelation. Many people on social networks on Wednesday, May 20, expressed outrage and dismay about the fact that the total yearly amount of fossil fuel related global subsidies is more than the amount of money that all the governments around the world spend on all forms of healthcare in a single year.

Worse yet, several experts have stated since the IMF’s announcement that the IMF may have estimated too low because it did not include the subsidies related to global warming and climate change. Experts believe that ending the fossil fuel industry would lead to people around the world having better health. Additionally, all the money would be used more effectively to “drive economic growth.”

China leads the pack in subsidies. The United States is second.