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Why $77 Billion a Year in Public Finance for Oil, Gas, and Coal Is Even Worse Than It Sounds

Originally published at http://www.commondreams.org/views/2020/05/27/why-77-billion-year-public-finance-oil-gas-and-coal-even-worse-it-sounds

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Maybe with Warren Buffet dumping airlines and travel stocks, including the big ships for vacationeers —all those things that use great amounts of fuel-------maybe, just maybe the Covid 19 virus event will actually lead to a cleaner world. Amazing—a virus that kills so many, could actually save the world from itself----When economies crash the environment might be saved. Life can be so very ironic.

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“Energy subsidies are projected at US$5.3 trillion in 2015, or 6.5 percent of global GDP, according to a recent IMF study. Most of this arises from countries setting energy taxes below levels that fully reflect the environmental damage associated with energy consumption. "