tag:blogger.com,1999:blog-4900303239154048192.post2174083754314581286..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Record Heat, And Is Climate Control Legislation Dead?Unknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4900303239154048192.post-84781158558433120142010-06-29T21:41:14.270-04:002010-06-29T21:41:14.270-04:00And there is a link to the Gulf oil spill. See thi...And there is a link to the Gulf oil spill. See this item on subsidies for deep water drilling in the L.A. Times:<br /><br />http://articles.latimes.com/2010/may/25/nation/la-na-oil-spill-subsidies-20100525<br /><br />An extract:<br /><br />"But there is little disagreement that the industry received significant federal support for such deep-water drilling. Since the government began aggressively issuing offshore drilling permits under President Reagan, the industry has received tens of billions of dollars in tax breaks and subsidies, including exemptions from royalty payments — the fees due when a company extracts resources from U.S. government property.<br /><br />"The royalty waiver program was established by Congress in 1995, when oil was selling for about $18 a barrel and drilling in deep water was seen as unprofitable without a subsidy. Today, oil sells for about $70 a barrel, but the subsidy continues".gordonnoreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-61352447161066787642010-06-26T20:10:34.640-04:002010-06-26T20:10:34.640-04:00Just as a matter of interest, if the US does ever ...Just as a matter of interest, if the US does ever implement a cap-and-trade programme nationally, what will happen to existing subsidies to fossil fuels? Will they be abolished? Will the cap-and-trade programme just sit on top of continuing subsidies? Has anybody thought about this?<br /><br />http://www.earthtrack.net/documents/phasing-out-federal-subsidies-coal<br /><br />http://www.earthtrack.net/publications/earth-track/most-requested<br /><br />(Crossposted from Economist's View)<br />http://economistsview.typepad.com/economistsview/2010/06/the-real-options-for-us-climate-policy.htmlgordonnoreply@blogger.com