Fossil fuel subsidies are government implementations designed to lower the cost of fossil fuel production. There are quite a few subsidies, but the most common forms of subsidies are tax breaks and government funding. Fossil fuels are extremely damaging to both the Earth’s natural environment and people. Oil and natural gas are the two most subsidized US fossil fuels (80% of subsidized) so their impacts are especially crucial to understand. Both oil and natural gas extraction produce many different greenhouse gases.
These greenhouse gases worsen climate change well also worsening the lives of current citizens of the world. Within the U.S. alone, some 12.6 million people are exposed daily to air pollution from nearby oil and gas wells. Additionally, Oil, gas, and coal runoff or leakages often make their way into local drinking water systems.
These environmental impacts are only worsened by fossil fuel subsidies, as low oil prices discourage research into alternatives and encourage over consumption of these fuel sources. A possible 22% reduction in fossil fuel consumption was predicted by a 2015 study and a 28% decrease was predicted more recently by the International Monetary Fund.
Image: https://theecologist.org/2017/apr/06/deadly-toll-fossil-fuel-pollution-old-economy-versus-planet-and-people
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