Many people would be surprised to learn that the USA is the world’s biggest producer of oil – not Saudi Arabia. The USA is also the world’s biggest oil consumer.
The 2021 oil production in million barrels per day and global % of total oil:
Globally, coal, oil, and natural gas were subsidized to the tune of $5.9 trillion in 2020 — or roughly $11 million every minute — according to a new analysis from the International Monetary Fund.
Globally, fossil fuel subsidies of $5.9 trillion represent about 6.8 percent of GDP, and are expected to rise to 7.4 percent of GDP in 2025. Just 8 percent of the 2020 subsidy reflects undercharging for supply costs (explicit subsidies) and 92 percent for undercharging for environmental costs and foregone consumption taxes (implicit subsidies). China is the biggest subsidizer in absolute terms, followed by the USA, Russia, India, and the EU.
"EFFICIENT FUEL PRICING IN 2025 WOULD REDUCE GLOBAL CARBON DIOXIDE EMISSIONS 36 PERCENT BELOW BASELINE LEVELS, WHICH IS IN LINE WITH KEEPING GLOBAL WARMING TO 1.5 DEGREES, WHILE RAISING REVENUES WORTH 3.8 PERCENT OF GLOBAL GDP AND PREVENTING 0.9 MILLION LOCAL AIR POLLUTION DEATHS."
Oil is a fossil fuel - our biggest GHG emitter and we are perpetuating it with subsidies. Without a drastic cut in fossil fuel use over the next decade, the planet willbecome locked into risks of dangerous and irreversible instabilities in the global climate systems – something we need to reduce. Policymakers need to urgently seek to design and implement reforms to get energy prices right along with transitional frameworks.
Take your pick of the options! Most plastics are made from oil. If you either don't need to use plastic products or can swap out non petroleum based versions, that's good. Minimise plastics of any kind that you don’t need - including synthetic clothing.
Shop local for all your products and reduce food miles.
Be aware of the difference between what governments and leaders say and what they do. (eg: committing to reducing GHGs and subsidizing fossil fuels at the same time.)
Oil Production infographic: Visual Capitalist