Burning Oil
Burning oil:
Even before considering the costs of climate destruction, the world’s fossil fuel industries only survive through a monstrous system of direct and indirect subsidies. Understanding this is the basis for winding down fossil fuel use and building a prosperous post-fossil fuel future.
Total Fossil Fuel Revenues worldwide: $6T / year
Declared profit: $1T / year
Total direct and indirect subsidies (before accounting for climate damage): well in excess of $4T / year
Only by understanding the truth of the finances of fossil fuels, one of the world’s vastest industries and wealth machines, only then can we pull the threads that will unwind fossil fuels, get banks to back away, and assure the fossil-fuel-free future we all know is needed and is inevitable.
The goal: help create a new, fact-based narrative around ending fossil fuels: it’s inevitable, even without thinking about climate destruction, and the outcomes will be better for nearly all.
Short ideas on this subject on this site at the Burning Oil blog; long-form on Medium:
Lamborghinis in London - estimating the excess corruption of the fossil fuel industries
Toward the end of fossil fuels - a primer on the subject