Not only do many oil producing countries subsidize their oil industries, several own them outright, suchas Saudi Aramco, Saudi Arabia’s national company, and PDVSA, Venezuela’s equivalent. Venezuela also subsizes the price of its oil to poorer countries in order to gain their support. Venezuela, however, also reinvests PDVSA’s profits into the rest of its economy, which other nations don’t necessarily do
Yes. I couldn’t find all the specific countries that do, but at the G20 Summit in Toronto this year, fazing out oil subsidies was a major theme for the discussions. That shows how common oil subsidies are, especially in developed countries. A recent study by the International Energy Agency (IEA) showed that fossil fuel subsidies were 10 times higher worldwide than renewable energy and bio-fuel subsidies. It’s an outdated practice, started long ago to encourage exploration when technology was minimal and expensive. Oil companies argue that doing away with the subsidies would raise oil costs and take away jobs, but comparing the U.S. with other places, like countries in Europe, that subsidize oil companies less, it’s an obvious scare-tactic that they’re using to save themselves money. Even George W. Bush called for the need to end oil subsidies. What does that tell you?!
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