A study on energy subsidies commissioned by G20 nations indicates that oil subsidies could top $500 billion annually. The report was written by researchers from the World Bank, International Energy Association, Organization for Economic Co-operation and Development and Organization of Petroleum Exporting Countries.
"This study confirms what millions of Americans have known all along," said Growth Energy CEO Tom Buis. "Our addiction to oil has a devastating impact on our nation's economy and energy security, as well as that of nations around the world."
Buis says by increasing the production of domestic, renewable ethanol, we will not only enhance U.S. national security and green our environment but dramatically reduce the transfer of wealth that occurs today, keeping more money and jobs here at home at a time when it is needed most.
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