Fossil Fuel Subsidies: Helping the Rich Get Richer

Bill McKibben’s writes in the LA Times:

The last industry in need of a public handout is the fossil-fuel companies. The use of subsidies should follow some basic, rational guidelines.

McKibben in an LA Times article provides five rules for subsidies, starting with the premise that:   You subsidize something you want to encourage, something that might not happen if you didn’t support it financially.  

1.Don’t subsidize those who already have plenty of cash on hand.

2.Don’t subsidize people forever.

3. Don’t abandon important subsidies just because in one instance they didn’t work out.

4.  Don’t subsidize something you want less of.

5.  Don’t give subsidies to people who have given you cash.

We continue to subsidize fossil fuel companies in contravention of all of these five.   Congress needs to stop subsidies to petroleum industry and provide more to alternative and sustainable energy development.

Credits to Mike Dash for providing this article.

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