With the price of solar-generated electricity falling, theres just no reason to subsidize the fossil fuel industries. None. The economic case for exploration subsidies is weak and getting weaker. Public money is being used to boost private profit and bail out a failing industry. Taken collectively, G-20 governments are spending twice as much on exploration as the 20 largest private energy companies. In other words, they are putting taxpayer money where commercial companies fear to tread. With prices for oil, coal, and gas declining, and the cost of new discoveries rising, much fossil-fuel exploration is commercially unviable.
Posted on: Sat, 15 Nov 2014 18:00:14 +0000
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