"Oil subsidy" refers to a financial support or benefit given by the government to the oil industry. It involves providing money or reducing taxes for oil-related activities, such as drilling or refining oil.
Full definition
The dip in
oil subsidies in 2016, and the higher share of electricity, reflect some short - term price developments but also reveal a new set of challenges to remove them.
Oil subsidies accounted for 40 % of the total, or nearly USD 105 billion, covering an estimated 11 % of global oil consumption.
Oil subsidies make up over half of the total fossil fuel consumption subsidies, while electricity makes up 24 percent, natural gas 22 percent and coal 0.4 percent.
With
world oil subsidies in the billions, and completely unsustainable, it is rather strange to suggest wind turbines «can not survive without subsidies».
Despite the public outcry against the proposed removal
of oil subsidy as from next year, Niger State Governor Babangida Aliyu yesterday wooed traditional rulers to support...
Despite the public outcry against the proposed removal of
oil subsidy as from next year, Niger State Governor Babangida Aliyu yesterday wooed traditional rulers to support the Federal Government's plan.
Energy
Hidden Oil Subsidies: We Need to END Them 15 Photovoltaics Solar Power Innovations You Must See No Recession for Wind Power Industry More on U.N. Study on Fuel Subsidies UN urges phasing out of energy subsidies Scrapping fuel subsidies can help climate: U.N. study
And, of course, we'd have to tackle what's perhaps the
biggest oil subsidy of all: U.S. military assistance to fossil fuel companies.
«The Presidency has also failed to offer explanations on the alleged involvement of its officials in various sneaky
oil subsidy deals as well as reported diversion of N1.1 trillion worth of crude last year to service APC interests.
-- They're out there right now trying to help all the POOR people of this country who can't AFFORD health care, private schools, and shelters funded with tax dollars YOU would rather spend
on oil subsidies and Halliburton contracts.
It assessed
how oil subsidies could influence investor decision - making and found that the impact of subsidies on oil production (and associated emissions) in the U.S. was potentially very high.
In order to replace the
Venezuelan oil subsidies deal, known as Petrocaribe, Mexico would have to supply Cuba with 55,000 barrels per day and another 39,000 barrels per day to other Petrocaribe nations in the Caribbean and Central America.
NEWS - REVIEW FILE PHOTO Greg Blass handling home
heating oil subsidies as Department of Social Services commissioner in 2010.
A nationwide Occupy Nigeria protest,
over oil subsidy removal, had paralysed the country.
The governor noted that subsidising petroleum products was characterised by corruption, saying the economy would collapse if steps are not taken to check corruption that
oil subsidy causes.
He said instead of putting more burden on the people, the APC government should come out clear on the «sleaze in the oil sector» under its watch, particularly the «
shady oil subsidy payouts and illegal lifting of N1.1 trn worth of crude, using unregistered companies.»
The Attorney General of the Federation [AGF], Mohammed Adoke yesterday said the federal government has not stopped the prosecution of the
suspected oil subsidy fraudsters.
Detectives at the Police headquarters investigating the $ 620, 000
oil subsidy bribe money collected by erstwhile chairman of the House of Representatives Subsidy Probe Panel, Hon....
Some of the high profile suspects arraigned on Wednesday for stealing $ 6.8 billion
oil subsidy funds have sent a strong warning to President Goodluck Jonathan to...
Obama clearly picked up on bipartisan interest in eliminating distorting energy subsidies, but sadly targeted
only oil subsidies in seeking the billions he wants for research and innovation.
Today, Senator Brian Schatz of Hawaii unveiled the FAIR Energy Policy Act, which would end a subset of existing U.S.
federal oil subsidies within four years.
Riyadh made the bold call of slashing
domestic oil subsidies at the end of December, leading to prices rising by 50 % in some cases.
Organizations like the Manhattan Institute and the Heartland Institute that
defend oil subsidies while attacking renewable energy have received upwards of $ 600,000 each since 1998 from the oil company Exxon.
This idea has widespread bipartisan support: Obama calls to
repeal oil subsidies just about every year, and Republicans, Independents, and Democrats alike support ending the handouts — but the unholy alliance between industry execs and the politicians they finance keeps them in place.
Via The Economist Bicycles and Bikes NY State Senator to Cyclist he Almost Hit: «You F *** ing A ** hole» San Francisco Sunday Streets: «Streets are for People» Bear vs. Bike: Cyclist Hits 300 - Pound Black Bear Financial and Recession articles
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He has also fought to prevent drilling off the California coast and in other sensitive areas, and cosponsored legislation to end
Big Oil subsidies.
Increase biofuels to 60 million gallons by 2030, low - carbon fuel standard of 10 % by 2010, 1 million plug ‐ in hybrid cars by 2025, raise fuel economy standards, smart growth funding,
end oil subsidies, promote natural gas drilling, enhanced oil recovery
Marketers disclosed that they owe their foreign suppliers in excess of $ 1.29 billion, even as the marketers were paid only N413 billion in December 2015
for oil subsidies.
The Senate on Thursday said it would not take any decision
on oil subsidy that would aggravate the suffering of Nigerians.
It is unclear to me
how oil subsidies and lack of tax breaks for an upstart renewable energy industry will help further these goals.
Oil subsidies accounted for 44 percent of total consumption subsidies (about $ 145 billion), followed by electricity subsidies of just over $ 100 billion.
The global scope
of oil subsidies was revealed last December at the climate talks in Bali.
Republicans are fighting for billionaires & millionaires,
oil subsidies for the oil companies, tax loopholes for corporations, taxbreaks for companies that send American jobs overseas.
Set up groups and opt - ins for your top campaigns or issues areas (one group might be «medicare» for example «or climate change» or «
oil subsidies») and then send most email on those campaigns to people who've taken an action on that campaign in the last 3 months.
Nigeria's civil rights community has told President Goodluck Jonathan to shelve the proposed removal of
oil subsidy.
THE management of Obat Oil and Petroleum Limited has denied reports of its alleged diversion of N1.2 billion
oil subsidy, saying the publication is not only malicious but orchestrated to disturb its business.
The Health Management Organizations (HMOs) are very powerful, rich and well connected.They are the new mafias, though they hate being likened to
the oil subsidy cartel, that...
She wrote, «In 2012, in addition to the serious issues of
the oil subsidy fraud, tensions began to rise in FAAC meetings over the lower - than - projected disbursements of oil revenues to the Federation accounts.»
The 112th Congress made a record - breaking 191 votes to kill air pollution rules, protect Big
Oil subsidies, and block efforts to fight climate change, earning it this dubious distinction:
If you want to introduce a new policy, lets say cutting down
oil subsidies, you should have some idea of what the social flexibility is of the people who will be affected.