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Source: Getty

In The Media

Big Oil's Slick Profit Day?

Although Washington cannot stabilize global oil prices that are largely a result of external events over which the United States has little control, policymakers can make a difference in dampening the impact of volatile oil prices.

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By Deborah Gordon and Shin-pei Tsay
Published on Apr 29, 2011
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Sustainability, Climate, and Geopolitics

The Sustainability, Climate, and Geopolitics Program explores how climate change and the responses to it are changing international politics, global governance, and world security. Our work covers topics from the geopolitical implications of decarbonization and environmental breakdown to the challenge of building out clean energy supply chains, alternative protein options, and other challenges of a warming planet.

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Source: Politico

Big Oil's Slick Profit Day?No matter how acute the pain at the pump, Washington cannot stabilize global oil prices that are largely a result of external events over which the United States has little control. But policymakers can make a difference in dampening the impact of volatile oil prices.

The first step is to eliminate Big Oil subsidies and tax breaks, immediately. As evidenced by ExxonMobil’s posted first quarter profits of nearly $11 billion, the oil companies do not need hard-earned tax dollars to survive. The next step is for Congress to set an oil price floor — now, when gas prices are high — to spur ongoing innovation and promote alternatives to oil and autos. Seventy percent of oil consumed in the United States is for transportation, yet funding to upgrade our transportation system suffers from serious insolvency. A fixed, paltry 18.4 cents a gallon funds transportation whether the price of gas is $2 or $4 a gallon. So when oil prices rise, only Big Oil benefits.

It’s high time that we find other ways of fueling our mobility.

About the Authors

Deborah Gordon

Former Director and Senior Fellow, Energy and Climate Program

Gordon was director of Carnegie’s Energy and Climate Program, where her research focuses on oil and climate change issues in North America and globally.

Shin-pei Tsay

Former Nonresident Associate, Energy and Climate Program

Shin-pei Tsay was a nonresident associate in the Energy and Climate Program at the Carnegie Endowment for International Peace.

Authors

Deborah Gordon
Former Director and Senior Fellow, Energy and Climate Program
Deborah Gordon
Shin-pei Tsay
Former Nonresident Associate, Energy and Climate Program
Shin-pei Tsay
Climate ChangeNorth AmericaUnited States

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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