GE Morton wrote: ↑December 24th, 2021, 9:08 pm
We discussed so-called "subsidies" to the oil industry in another thread, most of which turned out to be tax deductions available to businesses generally (such as depreciation). The oil industry in the US receives virtually no real subsidies.
Let's consider taxpayer largesse towards the influential fossil industry:
https://e360.yale.edu/digest/fossil-fue ... port-finds
Coal, oil, and natural gas received $5.9 trillion in subsidies in 2020 — or roughly $11 million every minute — according to a new analysis from the International Monetary Fund.
... Explicit subsidies accounted for only 8 percent of the total. The remaining 92 percent were implicit subsidies, which took the form of tax breaks or, to a much larger degree, health and environmental damages that were not priced into the cost of fossil fuels, according to the analysis.
Note "only eight percent". Thus, we can say that, globally, fossil fuels are
not subsidised beyond that of other industries at the rate $11,000,000 per minute. Rather, the fossil fuel industry's
specific subsidies extracted from taxpayers is a mere $880,000 per minute.
That's the tiny sum of $472 billion per year in taxpayer largesse for special fossil fuel subsidies (not counting all the usual perks and tax dodges), over a third of third of Australia's annual GDP.
That's not counting health and environmental damage not factored into the price.