A recent letter used the latest report from the UN’s Intergovernmental Panel on Climate Change to make recommendations to prevent the coming “apocalypse.” It should be noted that the IPCC has a history of erroneous predictions which they continue to revise every few years.
Though temperatures are rising, they are not accelerating and have fallen short of IPCC’s predictions. For instance, their 1990 report predicted that temperatures would rise 0.3 degrees Celsius per decade, whereas temperatures have only risen between 0.1 and 0.2 degrees Celsius per decade, depending on the data set used. There are too many variables and uncertainties, including errors in the numerous databases, to make accurate predictions using current models.
The author then makes several recommendations based on the IPCC report, foremost of which is abolishing the “$50 billion a year subsidy” to the fossil-fuel industry. This is nonsense. They do not receive any “subsidies.”
The author could possibly be referring to the corporate tax deductions they receive, such as capital losses, depreciation and other business expenses specific to the industry. These average between 10 and 15 billion dollars per year for the entire petroleum industry. Exxon and Mobil alone pay over $45 billion dollars a year in taxes.
Only one in 10 exploration wells is commercially productive. What other industry has a 90% failure rate for new ventures and is able to stay in business?
The real purpose of the movement to abolish tax deductions is to discourage new oil and gas development, which is the real doomsday scenario.