New Study Finds Oil Subsidies Could Top $500 Billion Annually

WASHINGTON, DC – Growth Energy, the coalition of U.S. ethanol supporters, issued the following statement in response to a study on energy subsidies commissioned by G20 nations. The report, “Analysis of the Scope of Energy Subsidies and Implementation of their Phasing Out,” written by researchers from the World Bank, International Energy Association, Organisation for Economic Co-operation and Development and Organization of Petroleum Exporting Countries, found that the world could be spending $500 billion annually to subsidize fossil fuels.

“This study confirms what millions of Americans have known all along. 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,” said Tom Buis, Growth Energy CEO.

“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.”

“Further, by learning many of the agricultural innovations that the U.S. uses today for farming and ethanol production, developing nations can benefit from both food and fuel production, helping them to become more energy independent and grow their economies.”

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About Growth Energy

Growth Energy is a group committed to the promise of agriculture and growing America’s economy through cleaner, greener energy. Growth Energy members recognize America needs a new ethanol approach. Through smart policy reform and a proactive grassroots campaign, Growth energy promotes reducing greenhouse gas emissions, expanding the use of ethanol in gasoline, decreasing our dependence on foreign oil, and creating American jobs at home. More information can be found at