Subsidies for Oil Drillers
How do you shore up one of the most destructive industries on Earth at a time when it is facing challenges by cheaper alternatives, that also happen to be better for the environment and human health?
Step one is to look the other way as the industry wreaks havoc on our planet. Recent spills from the Keystone XL Pipeline and a tanker off the coast of Brazil should remind us of the destruction that follows in the wake of oil transport. A new study of the far-reaching impacts of fracking on the environment and human health is expanding our understanding of the dangers of drilling for fossil fuels. While those impacts spread across the planet, we are seeing another pernicious side of the industry exposed in court proceedings that reveal the industry (Exxon, in particular) knew that it was destabilizing global climate.
Step two, is to throw caution to the wind and accelerate the pace of exploitation. Recent expansions of permissions for oil and gas exploration on federal lands is exposing all of us to greater risks. When it is not enough to just make the resources available, the next step is to discount the resources and dump them on the market at a loss. This endangers our health, our climate, our national security, and our economy. That is bad policy.
Click here for a recent article on below-cost sales of oil and gas.