Coal subsidies keep the cost of consumption for consumers artificially low. As such, the true costs, environmental as well as economic, are not included in the price of coal.
April 30, 2010 |
At the G20 Economic Forum in Pittsburg last September, President Obama said his administration would combat climate change by phasing out the government’s grandiose subsidies to the fossil fuel industry.
But a report released on April 13, by Synapse Energy Economics (SEE) in conjunction with the Sierra Club and others, argues that Obama hasn’t followed through on his promise to cut dirty energy handouts. The study, titled “Phasing Out Federal Subsidies for Coal,” states that Obama is in fact overseeing the continuation of taxpayer resources being given away for the construction and expansion of arguably the largest contributor to global warming — coal-fired power plants.
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