This chapter explores the ownership distribution of oil and gas reserves, highlighting the dominance of national oil companies. It also addresses the responsibility of society to make sacrifices for the preservation of the biosphere and the impending retirement of fossil subsidies.
In this week’s Frankly, Nate reacts to recent analysis by the International Monetary Fund (IMF) critical of 2022 subsidies to fossil fuel. These subsidies - by IMF math totalling $7+ trillion - are not what they seem, resulting in widespread confusion on what is really going on. By peeling back the layers of the onion on these oft-misunderstood benefits - Nate outlines what comprises these fossil fuel subsidies, who receives them, the purpose they serve, and who benefits from them (spoiler alert - we ALL do). How do these subsidies fit into the larger story of the huge energy surplus that fossil fuels have provided? What will it mean for societies when the subsidy that is fossil fuels goes away? Will we be prepared when the externalities - paid for in these subsidies - catch up with us and we need to learn to live with the aftermath of the Carbon Pulse?
To Watch on Youtube: https://youtu.be/DpcjHqXYrFs
For Show Notes and More: https://www.thegreatsimplification.com/frankly-original/43-fossil-energy-subsidies-the-bottom-line