President Obama and all of the G20 nations including Russia, India and China agreed to phase out subsidies for oil and other fossil fuel producers. By 2020 the world’s largest and most profitable companies will no longer receive tax payer dollars to help them stay in the black. 11 more years of almost $300 billion per year split among them will no longer be available. $3.3 trillion is all they will get and not a cent more. The American Petroleum Institute is not happy about this and frankly either am I. "The Obama administration and Congress now face many difficult choices if they choose to comply with the G20 commitment to phase-out fossil fuel subsidies," the API said. Yes, the US and the other G20 countries have very difficult choices to make. They will now have to figure out how to spent $300 billion per year in possibly more appropriate places instead of giving it to super profitable companies. Companies who now easily keep us addicted to their environmentally damaging products because of the low prices available due to the subsidies. This situation is analogous to the tobacco companies complaining about cancer warnings they must put on their products. These industries can’t just make money, they need to have their cake and force everyone else to make it for them. “Eliminating such subsidies by 2020 would reduce greenhouse gas emissions blamed for global warming by 10 percent by 2050,” leaders said, citing data from the International Energy Agency and the Organization for Economic Cooperation and Development. As I mentioned above I am also not happy about this, but obviously not for the same reasons. 10% reduction of greenhouse gas emissions is not enough. Somehow these vultures need to be forced to pay all of us back and do it without further economic and environmental damage. During the summer of 2008 when gas prices approached $5 per gallon the CEO of one of the largest Oil and Gas Companies said, “No one is being forced to buy our product”. He forgot to add that when we do purchase his product that we are being forced to pay them double, once at the pump and again when we pay our taxes. After decades of past administrations and congress giving in to these thieves President Obama and the current G20 finally have the fortitude to say no more even though subsidies should have never begun. So I say to the American Petroleum Industry and it’s fellow band of immoral greedy inscrutable miscreants complaining about the phasing out of subsidies, “this is only the beginning of your end”.
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