Oil Subsidies

For decades, governments have shovelled eye-watering sums of money into the pockets of fossil fuel giants, all in the name of keeping energy affordable. Billions, trillions, even, spent propping up an industry that has known full well for over half a century that it's cooking the planet. And what do we, the public, get in return? Higher bills, air pollution, and the occasional PR campaign about how Shell and BP are apparently our saviours in the transition to green energy, while they simultaneously invest billions in squeezing the last drop of profit from oil and gas.

But what if, just imagine, those subsidies were redirected to renewables instead? Not to line the pockets of energy oligarchs, not to fund another round of taxpayer-funded oil exploration, but to actually create a clean, self-sustaining energy system. The result would be nothing short of transformational.

First, let’s talk cost. Fossil fuels aren’t cheap, they’re just subsidised into affordability. If the same financial support went to wind, solar, and energy storage, the cost of renewables would plummet, making electricity cheaper for everyone. No more riding the rollercoaster of gas price volatility. No more blackmail from despots holding energy supplies hostage. Just abundant, domestically produced energy from the sun and wind, things, incidentally, that no dictator can turn off at the tap.

Then there’s the small matter of climate change. The fossil fuel industry has been given a free pass to pollute for decades, with the rest of us picking up the bill, whether through environmental damage, extreme weather, or increased healthcare costs thanks to dirty air. Redirecting subsidies to renewables wouldn’t just be an economic shift; it would be an act of self-preservation. Fewer emissions, cleaner air, healthier people. It’s so blindingly obvious that it almost feels ridiculous to spell it out.

And jobs, ah yes, the perennial excuse from fossil fuel lobbyists who suddenly discover their concern for workers when their profits are threatened. Let’s be clear: the renewable sector already employs more people worldwide than coal, oil, and gas combined. If we actually backed green energy properly, we’d create millions of new, sustainable jobs, ones that don’t involve digging, drilling, or inhaling carcinogenic fumes all day. The only people who stand to lose out are those at the very top of the fossil fuel pyramid, and frankly, they’ll be just fine, possibly a bit less obscenely rich, but still comfortably nestled in their tax havens.

Of course, the fossil fuel industry won’t go quietly. They’ll lobby, whinge, and claim that civilisation itself will collapse if we stop bankrolling them. They’ll commission think tanks to churn out reports “proving” that renewables are unreliable and expensive. They’ll fund politicians who parrot the same tired nonsense about “keeping the lights on.” But let’s not forget: these are the same people who have lied through their teeth for decades about the damage they’re doing. Their credibility is as dead as the dinosaurs their industry is built on.

So why aren’t governments acting? Simple, because the fossil fuel industry still holds the levers of power. Until that grip is broken, we’ll keep funnelling taxpayer money into their coffers while they squeeze every last penny from a dying industry. The choice is clear: keep subsidising decline or invest in the future. It’s time to stop throwing good money after bad and start backing a system that actually works for people, not just corporate profit margins.

The biggest obstacle isn’t technical, it’s political inertia and vested interests clinging to fossil fuels like a security blanket. If the government got serious, upgraded the grid, backed storage, and stopped pandering to the oil and gas lobby, we could have cheap, homegrown, renewable energy for all. And it wouldn’t take decades. With proper investment and reform, the UK could be largely self-sufficient on renewables within 10 to 15 years, cutting bills, boosting energy security, and leaving the fossil fuel barons scrambling for relevance. But until that happens, we’ll keep subsidising failure while the solutions sit right in front of us.