24 January 2006

Looting the common wealth

We’re not just destroying our environment, we’re subsidising its destruction. Perverse subsidies take many forms, but this story presents an angle that is new – to me at least. Essentially the Bush administration in the US has expanded loopholes that allow the value of gas collected from public lands and coastal areas to be undervalued. The shortfall is estimated at a minimum of US$700 million.

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