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Vast Subsidies Keeping the Fossil Fuel Industry Afloat Should be Put to Better Use, By Alex Lenferna

Summary:
To hide this reality |fossil fuel subsidies], the fossil fuel industry has invested in a massive public relations scheme (read: propaganda campaign) to paint itself as the defender of the free market. In the US, the fossil fuel industry has even, quite successfully, duped Evangelicals into associating the fossil fuel industry with free markets, and free markets with God’s will. Thus, attacks on the fossil fuel industry become attacks on God’s will. But if God’s will was really aligned with the free market, then the fossil fuel industry would be doing the devil’s work. The fossil fuel industry is increasingly relying on the heavy hand of the government to protect fossil fuels from competition. Subsidies and protective policies shield fossil fuels from the reality that renewable energy

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Vast Subsidies Keeping the Fossil Fuel Industry Afloat Should be Put to Better Use, By Alex Lenferna


To hide this reality |fossil fuel subsidies], 
the fossil fuel industry has invested in a massive public relations scheme (read: propaganda campaign) to paint itself as the defender of the free market. In the US, the fossil fuel industry has even, quite successfully, duped Evangelicals into associating the fossil fuel industry with free markets, and free markets with God’s will. Thus, attacks on the fossil fuel industry become attacks on God’s will. But if God’s will was really aligned with the free market, then the fossil fuel industry would be doing the devil’s work.

The fossil fuel industry is increasingly relying on the heavy hand of the government to protect fossil fuels from competition. Subsidies and protective policies shield fossil fuels from the reality that renewable energy has become the cheapest energy source worldwide.

Vast Subsidies Keeping the Fossil Fuel Industry Afloat Should be Put to Better Use

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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