Big Week for Fossils, Big Bucks for Fossil Fuels

Earlier this week, new studies showed that the fearsome Tyrannosaurus Rex may have been about 30% more massive than scientists believed just one year ago … which makes recent findings from the Paris-based IEA more than a little auspicious (suspicious?), I think.

What findings?

I’m glad you asked (pretend you asked). It turns out that almost $409 billion USD were handed out as price-controlling subsidies this year, keeping fuel prices in the US (and abroad!) artificially low compared to ethanol, bio-diesel, and other forms of energy. This number, by the way, is nearly $110 billion USD higher than it was in 2010 – an increase, for those of you keeping score, of just about 30%.

  1. dinosaurs are 30% bigger
  2. subsidies to keep the dino-juice flowing are 30% bigger

The IEA has created a comprehensive and interactive web page allowing users to track subsidies in their regions, as well as a site cataloguing their data and methodologies, so anyone who doubts their figures and projections (which show oil subsidies climbing to $660 billion USD annually, in order to keep prices competitive with alternative energy sources) can take up their issues with them.

Sources: the Hill, Geekologie.

Jo Borrás

I've been in the auto industry 1997, and write for a number of blogs in the IM network. You can also find me on Twitter, at my Volvo fansite, out on two wheels, or chasing my kids around Oak Park, IL.