oil subsidies

Thu, 2011-09-15 09:53Steve Horn
Steve Horn's picture

Pennies to Clean Energy, Billions to Big Oil -- Mainstream Media Missing the Real Story on Solyndra

The U.S. House Energy and Commerce Committee held a hearing yesterday on the ongoing and growing scandal in the wake of the bankruptcy of Solyndra Corporation.

Solyndra, a solar panel manufacturer that recently filed for Chapter 11 bankruptcy after laying off over 1,000 workers, is facing a barrage of attacks by both politicians and the media. The GOP and its right wing media echo chamber in particular have sought to condemn the entire U.S. clean energy sector as a result of an FBI raid of Solyndra's offices.

Things have spun so far out of control inside the Beltway that Rep. David Vitter (R-La.) is disseminating a bill that would, “require an inspector general investigation into any company that receives federal money for renewable energy development and then goes bankrupt.”

But Vitter's so-called Federal Accountability of Renewable Energy (FARE) Act is hardly a fair assessment of accountability across the entire energy subsidies spectrum.

Besides serving as an opportunistic moment to dance on the grave of a solar company, in the wake of Solyndra's economic downfall, we're witnessing a true disdain among Republicans for a clean energy technology that was invented here at home, and possesses the potential to help wean the U.S. from deep reliance on foreign energy. In the currently toxic political environment, the GOP seems more interested in ceding that job-rich opportunity to China.

Thu, 2008-10-02 07:42Ross Gelbspan
Ross Gelbspan's picture

US Subsidies Grease the Skids Into Chaos

Why do U.S. oil companies – some of the most profitable corporations on the planet – receive 20 to 40 billion dollars a year in subsidies from the U.S. government?
Mon, 2007-04-23 09:13Kevin Grandia
Kevin Grandia's picture

The Numbers Game

$89 billion
The approximate annual US federal tax breaks and other direct subsidies for oil companies.

$36.1 billion
ExxonMobil's 2005 profits

Check out Terry Tamminen's new book Lives per Gallon for more information on the true costs of our addiction to oil.

Read more: The Numbers Game
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