STUDY: U.S. subsidises fossil fuels 2.5 times more than renewables
Fossil fuels were given about $72 billion during the seven years, while renewable fuels got just $29 billion. The money the U.S. spends on renewables isn’t all that great, either. Of the $29 billion, $16.8 billion went to producing corn-based ethanol. Just two tax credits – the Foreign Tax Credit and the Credit for Production of Nonconventional Fuels – account for about $30 billion.
To be fair, normalized to the amount of energy, renewables probably win, but this still seems backwards. Weaning ourselves from foreign oil and reducing CO2 emissions isn’t going to be painless. I think it’s time that we recognize that, stop being like children afraid of getting a shot at the doctor’s office, and suck it up a little bit.