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While the west has removed subsidies on oil mostly (but don't tax it either), developing countries over the world have spend a considerable portion of their bud
by abhi3 11y ago
While the west has removed subsidies on oil mostly (but don't tax it either), developing countries over the world have spend a considerable portion of their budget subsidizing the oil industry.
Renewable energy subsidies are not even 1% of them aggregate.
- abtinf 11y agoI'm not sure what you mean by the west doesn't tax oil. Just off the top of my head, oil is subject to the following taxes: * Consumer purchases of the final products of oil are heavily taxed (especially in Europe). * Oil companies pay significant income tax. Exxon alone paid over $5.5B, or about 25% of net profit, in taxes last year, while in 2013 they paid closer to 42%. [1] * After they pay income tax, their dividends are taxes again. I'm sure there are other invisible taxes throughout the production and rights-acquisition process. [1]: https://finance.yahoo.com/q/is?s=XOM+Income+Statement&annual https://finance.yahoo.com/q/is?s=XOM+Income+Statement&annual
- yeahsure 11y agoI don't know how it works for the oil industry as a whole, but in Argentina gas is taxed at about 45%. Solar has 0 subsidies.