Obama hates “subsidies” to oil companies but loves to give them to his failed green energy policy.
NEW YORK (CNNMoney) — The federal government spent $24 billion on energy subsidies in 2011, with the vast majority going to renewable energy sources, according to a government report.
Renewable energy and energy efficiency accounted for $16 billion of the federal support, according to the Congressional Budget Office, while the fossil-fuel industry received $2.5 billion in tax breaks.
This is a stark change from a decade ago. The CBO noted that until 2008, most energy subsidies went to the fossil-fuel industry. The idea at the time was to encourage more domestic oil production, especially when the price of oil was low.