It is painful to fill up my gas tank these days, and while I hate what it does to my monthly budget, part of me knows we are approaching a tipping point that might be very good for us. We are living in peak oil times. Even if we suck the earth as dry as possible with new oil drilling, we have more access to oil now than we will ever have again, and from here on out there are diminishing return on our financial investments. Very soon our supply will be in terminal decline. Any person that has the cognitive power to project that situation into the future can see that our gas and oil prices will not be coming down anytime soon, (according to the law of supply and demand). Subsidizing this lame duck energy source makes no sense for our security, comfort, or pocketbook – and Americans know it. Cursory googlings found that somewhere between 59%-74% of Americans are ready to cut subsidies that act like training wheels for an industry that has left tire tracks across our backs.
The Christian Science Monitor reports that “[oil and gas] receive about $41 billion in annual subsidies annually. That amounts to more than half – 52 percent – of total benefits distributed to energy sectors by the federal government.” Continue reading