[Newsbot]

Title: G20 countries spend $450B a year on fossil fuel subsidies, study says
Category: Environmental
Posted By: andyt
Date: 2015-11-12 07:47:56
Canadian

[andyt]

$1:

It shows that Canada's total federal and provincial support for the petroleum industry was close to $2.7 billion US ($3.6 billion Cdn at current exchange rates) in the 2013-14 fiscal year, with federal subsidies accounting for roughly $1.6 billion US of that.

The report says at least another $2.5 billion US of taxpayers' money also goes to petroleum companies working in other countries through Export Development Canada "and may be significantly higher."

[BartSimpson]

andyt andyt:

$1:

It shows that Canada's total federal and provincial support for the petroleum industry was close to $2.7 billion US ($3.6 billion Cdn at current exchange rates) in the 2013-14 fiscal year, with federal subsidies accounting for roughly $1.6 billion US of that.

The report says at least another $2.5 billion US of taxpayers' money also goes to petroleum companies working in other countries through Export Development Canada "and may be significantly higher."

Canada's Federal tax on petrol yielded some $5.5bn last year and when you add in sales taxes and provincial fuel taxes the total comes to around $21bn.

If the government is subsidizing petrol and the result is higher tax revenues from petrol then it's a sensible investment.