Oil Industry Still Begging for Subsidies

gusher33.jpgThe Bush budget cuts about $50 Million in funding for drilling R&D this year (see CNN). Not so surprisingly, the oil industry is raising a stink about it despite the fact that, even the White House agrees, “Industry has the incentives and resources to do such R&D on its own”.
To me, this is proof of the ironies that the oil industry lives by. Despite purporting to promote free market economics at every turn, and despite (in the case of Exxon) openly mocking alternative energy because of its temporary reliance on government subsidies, the oil industry is crying for subsidies themselves – despite being richer than they’ve ever been.
Forgive the editorial rant, but I’m optimistic that some actual funding of alternative energy will happen as a result of recent changes in White House policy. I’m not sure exactly how much that will amount to, but anything’s a start.

Nick Aster is a new media architect and the founder of TriplePundit.com

TriplePundit.com has since grown to become one of the web's leading sources of news and ideas on how business can be used to make the world a better place.

Prior to TriplePundit Nick worked for Mother Jones magazine, successfully re-launching the magazine's online presence. He was instrumental in the creation of TreeHugger.com, managing the technical side of the publication for 3 years as well as an active consultant for individuals and companies entering the world of micro-publishing. He earned his stripes working for Gawker Media and Moreover Technologies in the early days of blogging.

Nick holds an MBA in sustainable management from the Presidio School of Management and graduated with a BA in History from Washington University in St. Louis.