What if you were in Vegas, and a friend told you there was a slot machine in the corner that was giving out $59 for every $1 that was put in? You’d think the machine was broken, and that it was rigged.
What if an investment advisor told you that he could get you $59 back for every $1 you gave him? That’s a 5800% rate of return. Even Bernie Madoff only promised 10.5%. Obviously a scam, right?
Clearly this is a scam, but if you’re the oil, gas and coal industry, it’s legal and business as usual in Washington. For every $1 the industry spends on campaign contributions and lobbying in DC, it gets back $59 in subsidies.
Here’s how it works:
Amount the fossil fuel industry spent during the 111th Congress (2009 & 2010) on contributions to Congress’ campaigns: $25,794,747
Oil and Gas lobbying total 2009: $175,454,820
Oil and Gas lobbying total 2010 : $146,032,543
TOTAL amount spent by Big Fossil in 111th Congress: $347,282,110
2009 amount given to fossils in federal subsidies: $8,910,440,000
2010 amount given to fossils in federal subsidies: $11,578,900,000
TOTAL amount given to fossils during 111th Congress: $20,489,340,000
– source priceofoil.org