New IEA Study Finds Fossil Fuel Subsidies Top $550 Billion Annually

WASHINGTON, DC – Growth Energy, the coalition of U.S. ethanol supporters, issued the following statement in response to a new International Energy Agency study commissioned by G20 nations which found that in 2008, fossil fuel industries reaped $550 billion in subsidies, up from up from $342 billion in 2007.

“Soaring subsidies for the oil and gas industries in foreign countries have led to a dangerous dependence on foreign oil that threatens our national security and that of nations around the globe,” said Tom Buis, Growth Energy CEO.

“By investing in new clean technologies to speed the production of domestic, renewable energy sources like ethanol, we will not only enhance U.S. energy independence and clean our air but grow our economy by creating new green jobs here at home.”

“Further, by employing the technological innovations that the U.S. uses today for agriculture and ethanol production, developing nations can benefit from both food and fuel production, helping them address critical energy supply concerns, spur economic growth and improve the quality of life of their citizens.”

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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