Paper
David Burwell
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Source: Getty
In The Media
What Price Energy Independence?
Removing oil and gas subsidies would increase energy security with little impact on consumer prices.
Published on Jul 8, 2010
Source: POLITICO
The Obama administration has proposed removing oil and gas tax preferences and canceling now obsolete royalty waivers. These actions, plus the cancellation of other general tax havens (for example, offshore registration), would generate at least $8-12 billion annually in new revenues. That money could be used to underwrite the development - through tax preferences that incentives private R&D of new energy sources - of a more diverse energy supply chain. This would accelerate U.S. progress toward its key goal - becoming more energy resilient and shock resistant.
According to the U.S. Treasury Department, doing away with these subsidies would reduce world oil supply by less than a tenth of a percent, have no impact on the price of gasoline, and would reduce domestic production, if at all, by less than a half of a percent.
Increased energy choices and increased security at the same cost to consumers. It’s a start.
About the Author
David Burwell
Former Nonresident Senior Fellow, Energy and Climate Program
Burwell focused on the intersection between energy, transportation, and climate issues, as well as policies and practice reforms to reduce global dependence on fossil fuels.
- The Politics of Plenty: Balancing Climate and Energy Security
- Beijing: The City of Long DistancesIn The Media
David Burwell
Recent Work
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
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