This is a news compilation setting the record straight on the day’s top anti-oil and gas stories and providing research and facts to counter misinformation about the oil and gas industry.
Heavily biased report uses debunked and loose definitions of subsidies to shame oil and gas producing countries.
Anti-oil and gas groups using loose definitions of the term “subsidy” undermines the economic contributions the oil and gas industry provides for Canada.
- The Montreal Economic Institute has previously debunked these ‘activist’ definitions of subsidies as misleading.
- Last year, other anti-oil and gas groups were called out by financial experts and professors for their “problematic” analysis of these subsidies
- In a report on subsidies published earlier this year, the IISD included things like highway and road replacements as subsidies for oil and gas.
- Many of the subsidies reported in these types of reports are actually hundreds of millions of cleantech subsidies that anti-oil and gas groups claim to want. This report notes the $1.2 billion given to Alberta to reduce the number of abandoned wells in the province.
- Canada’s oil and gas industry provides billions in revenue to governments across the country, an average of $7 billion dollars per year, that goes to support social programs and other essential services.
Here are some stories that get it right, or mostly right.
Robert P. Murphy writes that the introduction of the ‘clean fuel standard’ undermines the case and need for a carbon tax. As Murphy notes the expected cost of compliance is far higher than what standard research suggests is the likely “social cost of carbon,” which is the estimated dollar amount of climate change damage coming from additional emissions. At $200 per tonne of emissions reduced, the CFS is four times the prices of the carbon tax. This ostensibly negates the need for a simple $50 carbon tax.