Joseph Toomey’s Post

This month the U.S. Department of Energy released its most recent report on energy “subsidies.” The report is entitled “Federal Financial Interventions and Subsidies in Energy in Fiscal Years 2016–2022.” https://lnkd.in/ee2eF_qb   Have a look.   It should be required reading for everyone interested in energy policy, but particularly our climate-ideologue friends who cry themselves to sleep every night over supposedly planet-wrecking Oil & Gas subsidies. https://lnkd.in/eP5jc5iT   When one compares that actual subsidy and federal support payouts to various energy sources in Fiscal Year 2022 . . . https://lnkd.in/efPDQ2E8   . . . with actual energy production from each “beneficiary” source in the same year . . . https://lnkd.in/e5gJP-pU   . . . a striking “Payout Per Unit of Production” pattern emerges. It turns out that Renewables collectively account for per unit subsidy payouts at 41 TIMES the rate by which fossil fuels are benefitted. That’s not 41 percent, that’s 4,100 percent.   Of course, due to its staggering cost and its incontestable economic infeasibility without massive federal and state subsidies, Solar Energy shows the most absurd pattern. Solar energy collects $4,086.69 per billion BTUs compared to Oil & Gas that collect a planet-destroying $30.23 per billion BTUs. Rent-seeking Solar sponsors collect $135.18 for every dollar of subsidy payout collected by Oil & Gas producers.   The Oil & Gas payout amounts to $0.0038 per gallon of gasoline. Presumably that's the only reason why you drive a gas-guzzling car. Without that massive support payout — totaling about 6 U.S. cents per 16-gallon fill-up — you'd walk or take the bus or be in a Solar-powered EV. Remember when re-election-minded Barack Obama nearly staged a catatonic meltdown in February 2012 over the staggering bill for subsidies to the Oil industry? [at 17:40] https://lnkd.in/einYK5rp   The next time you see a climate ideologue whining about Oil & Gas subsidies, show them this, and then have a hearty laugh.

This month the U.S. Department of Energy released its most recent report on energy “subsidies.” The report is entitled “Federal Financial Interventions and Subsidies in Energy in Fiscal Years 2016–2022.” https://lnkd.in/ee2eF_qb   Have a look.   It should be required reading for everyone interested in energy policy, but particularly our climate-ideologue friends who cry themselves to sleep every night over supposedly planet-wrecking Oil & Gas subsidies. https://lnkd.in/eP5jc5iT   When one compares that actual subsidy and federal support payouts to various energy sources in Fiscal Year 2022 . . . https://lnkd.in/efPDQ2E8   . . . with actual energy production from each “beneficiary” source in the same year . . . https://lnkd.in/e5gJP-pU   . . . a striking “Payout Per Unit of Production” pattern emerges. It turns out that Renewables collectively account for per unit subsidy payouts at 41 TIMES the rate by which fossil fuels are benefitted. That’s not 41 percent, that’s 4,100 percent.   Of course, due to its staggering cost and its incontestable economic infeasibility without massive federal and state subsidies, Solar Energy shows the most absurd pattern. Solar energy collects $4,086.69 per billion BTUs compared to Oil & Gas that collect a planet-destroying $30.23 per billion BTUs. Rent-seeking Solar sponsors collect $135.18 for every dollar of subsidy payout collected by Oil & Gas producers.   The Oil & Gas payout amounts to $0.0038 per gallon of gasoline. Presumably that's the only reason why you drive a gas-guzzling car. Without that massive support payout — totaling about 6 U.S. cents per 16-gallon fill-up — you'd walk or take the bus or be in a Solar-powered EV. Remember when re-election-minded Barack Obama nearly staged a catatonic meltdown in February 2012 over the staggering bill for subsidies to the Oil industry? [at 17:40] https://lnkd.in/einYK5rp   The next time you see a climate ideologue whining about Oil & Gas subsidies, show them this, and then have a hearty laugh.

This month the U.S. Department of Energy released its most recent report on energy “subsidies.” The report is entitled “Federal Financial Interventions and Subsidies in Energy in Fiscal Years 2016–2022.” https://lnkd.in/ee2eF_qb   Have a look.   It should be required reading for everyone interested in energy policy, but particularly our climate-ideologue friends who cry themselves to sleep every night over supposedly planet-wrecking Oil & Gas subsidies. https://lnkd.in/eP5jc5iT   When one compares that actual subsidy and federal support payouts to various energy sources in Fiscal Year 2022 . . . https://lnkd.in/efPDQ2E8   . . . with actual energy production from each “beneficiary” source in the same year . . . https://lnkd.in/e5gJP-pU   . . . a striking “Payout Per Unit of Production” pattern emerges. It turns out that Renewables collectively account for per unit subsidy payouts at 41 TIMES the rate by which fossil fuels are benefitted. That’s not 41 percent, that’s 4,100 percent.   Of course, due to its staggering cost and its incontestable economic infeasibility without massive federal and state subsidies, Solar Energy shows the most absurd pattern. Solar energy collects $4,086.69 per billion BTUs compared to Oil & Gas that collect a planet-destroying $30.23 per billion BTUs. Rent-seeking Solar sponsors collect $135.18 for every dollar of subsidy payout collected by Oil & Gas producers.   The Oil & Gas payout amounts to $0.0038 per gallon of gasoline. Presumably that's the only reason why you drive a gas-guzzling car. Without that massive support payout — totaling about 6 U.S. cents per 16-gallon fill-up — you'd walk or take the bus or be in a Solar-powered EV. Remember when re-election-minded Barack Obama nearly staged a catatonic meltdown in February 2012 over the staggering bill for subsidies to the Oil industry? [at 17:40] https://lnkd.in/einYK5rp   The next time you see a climate ideologue whining about Oil & Gas subsidies, show them this, and then have a hearty laugh.

This month the U.S. Department of Energy released its most recent report on energy “subsidies.” The report is entitled “Federal Financial Interventions and Subsidies in Energy in Fiscal Years 2016–2022.” https://lnkd.in/ee2eF_qb   Have a look.   It should be required reading for everyone interested in energy policy, but particularly our climate-ideologue friends who cry themselves to sleep every night over supposedly planet-wrecking Oil & Gas subsidies. https://lnkd.in/eP5jc5iT   When one compares that actual subsidy and federal support payouts to various energy sources in Fiscal Year 2022 . . . https://lnkd.in/efPDQ2E8   . . . with actual energy production from each “beneficiary” source in the same year . . . https://lnkd.in/e5gJP-pU   . . . a striking “Payout Per Unit of Production” pattern emerges. It turns out that Renewables collectively account for per unit subsidy payouts at 41 TIMES the rate by which fossil fuels are benefitted. That’s not 41 percent, that’s 4,100 percent.   Of course, due to its staggering cost and its incontestable economic infeasibility without massive federal and state subsidies, Solar Energy shows the most absurd pattern. Solar energy collects $4,086.69 per billion BTUs compared to Oil & Gas that collect a planet-destroying $30.23 per billion BTUs. Rent-seeking Solar sponsors collect $135.18 for every dollar of subsidy payout collected by Oil & Gas producers.   The Oil & Gas payout amounts to $0.0038 per gallon of gasoline. Presumably that's the only reason why you drive a gas-guzzling car. Without that massive support payout — totaling about 6 U.S. cents per 16-gallon fill-up — you'd walk or take the bus or be in a Solar-powered EV. Remember when re-election-minded Barack Obama nearly staged a catatonic meltdown in February 2012 over the staggering bill for subsidies to the Oil industry? [at 17:40] https://lnkd.in/einYK5rp   The next time you see a climate ideologue whining about Oil & Gas subsidies, show them this, and then have a hearty laugh.

Unprecedented uncertainty over the energy transition is eroding investor confidence and undermining energy security and transition goals, the Secretary General of the (IEF - International Energy Forum ) said today. Speaking at a dialogue between energy producers and consumers in #Riyadh, Joe McMonigle said elevated levels of uncertainty about the future was also contributing to high prices, exacerbating the cost-of-living crisis, widening global divides, and fueling conflict. The 14th Symposium on Energy Outlooks analyzed outlooks from several research groups including consumers, represented by the (International Energy Agency (IEA) ) on the one hand, and producers from the Organization of the Petroleum Exporting Countries (OPEC ) on the other. The divergence between the highest and lowest scenarios for energy demand in 2050 was greater than the size of the entire energy market today, according to the IEF Outlooks Comparison Report published today. "This "uncertainty gap" erodes investor confidence, which in turn damages energy security and market stability," Mr McMonigle said. "We are already seeing this in the high prices and volatility, contributing to the cost-of-living crises, widening global divisions, conflict, and geopolitical adversity." The divergence in outlooks is largely driven by differing views of the speed and shape of the transition of the global energy system to net-zero carbon emissions. "While the direction of travel is clear, the speed and modalities of transitions have become more contentious. This creates new risks and uncertainties for everyone involved in the energy market, whether they be regulators, investors or advisors. There is no single linear path for energy transitions," said Mr McMonigle, pointing to the conclusion of the IEF’s Global Energy Solutions Initiative report published in August. That report found that transitions would be multi-dimensional, operating at different speeds, from different starting points and driven by national priorities. While energy policies in some countries revolve principally around emissions reduction, many developing countries are more concerned with securing an affordable, reliable supply of energy for their growing populations. "At a time of increased geopolitical conflict, protectionism and nationalism, the role of the IEF has never been more relevant to bring producers and consumers together to discuss our shared interests in energy security, market stability and transparency, Mr McMonigle said. https://lnkd.in/d-6WbNhM