A Creative Climate Change Research Funding Idea
Stop Fossil Fuel Subsidies
The whole world needs a consistent source of energy. To make sure that lots of regions have settled subsidies and tax breaks, fossil fuel agencies help make energy sources. But with the issue over carbon emission and over the financial crisis which many nations are facing, the perception of continuing those fossil subsidies requires to be assessed. Fossil fuel agencies are now relatively profitable. Some of the most profitable agencies in the United States are Chevron, Exxon and Mobil.
It is comprehensible that some regions still might need to subsidize fossil fuel agencies, but fossil fuel agencies obtain about 6 times in subsidies as continuing energy supplies. According to the report published by the IEA, subsidies to oil agencies in developing nations can reach 630 billion dollars, with those high profile regions adding approximately 58 billion dollars. United States of America exceeded the fuel subsidies compared to other developed regions. U.S. has 13.6 billion fuel fossil subsidies yearly.
Institute for Policy Integrity takes down the number of regulations providing tax breaks to energy agencies. IPI lists thirty-eight for the fuel fossil agencies, twenty-five for the entire renewable supplies together and one for nuclear power plant. As it is the state interest to subsidize the growth of sustainable energy supplies, a much bigger portion of tax breaks went to well developed and money making fossil fuel agencies.
The Business of Fossil Fuels
Over the next ten years, the fossil fuel business will get over 113 billion dollars from the United States government. That big amount of money on the other way can help stop climate change. 113 billion dollars can already weatherize 45 million homes or set up solar panels to 14.1 million homes.
Fossil fuel agencies have become so big and very skilled at lobbying that they frequently distort United States regulations for their own advantage. For example, Exxon recompenses a lower tax than the normal individual. Between the years 2008 to 2010, Exxon Mobil listed an average 17.6% federal efficient corporate tax rate while the normal person paid a higher rate of almost 20.4%. Regardless of that, the agency complains regarding its high taxation and is presently running an advertisement against the government’s hard work to cut 36 billion dollars in tax subsidies and loopholes to help balance the funds. Large oil agencies are today multinational agencies with little allegiance to the U.S. Mother Jones Article stated that Exxon has twenty totally owned subsidiaries in Bahamas, Cayman Islands and Bermuda which lawfully shelter the flow of cash from operations in the likes of Azerbaijan, Abu Dhabi and Angola. Of the 15 billion dollars in income taxes the company paid in 2009, the company paid none of it to the government and it has 10’s of billion in profits permanently reinvested abroad.
So, the question is “why is the government giving subsidies as well as tax breaks to these companies which have little legitimate needed for them and obviously little loyalty and commitment to the United States government?” Everyone must be aware of this matter.