The Corner

The Cost of the BP Cleanup, in Corn

A little perspective:

BP’s oil-spill cleanup bill, so far: $3.2 billion

Money BP is setting aside for the total bill: $20 billion

Annual cost of U.S. ethanol subsidies: $5 billion

Ethanol subsidies going to BP this year: $600 million

Conclusions: Every four years, U.S. taxpayers are subsidizing the energy firms by an amount equal to the maximum that BP expects to spend on the cleanup. BP specifically will collect an equivalent amount every 33 years. This year’s BP ethanol subsidy by itself will offset about 20 percent of what BP has spent on the cleanup so far.

And that’s just one subsidy program.

Tell me again why this “green economy” stuff is not a scam.

The banks paid back their TARP money, and the nation remains scandalized by that bailout. What are the chances the energy industry is going to pay back a penny of the billions we’re pouring on them through green energy subsidies?

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