Hidden fossil fuel costs: $12 trillion annually

New research by 350.org shows that on top of soaring energy bills, fossil fuels cost households an additional $12 trillion a year in taxpayer handouts, health impacts and extreme weather damage – equivalent to a $23 million a minute “gift to Big Oil” that costs each person on Earth $1,400 per year. In the report “Out of Pocket: How Fossil Fuels are Draining Households and Economies,” 350.org recalculated IMF estimates on fossil fuel subsidies, uncovering what fossil fuels actually cost society and what governments spend to keep production flowing. These hidden costs – totalling $12 trillion annually [1] – are “silently siphoning trillions away from household budgets and draining state coffers” while a handful of big corporations make windfall profits from the war in South West Asia. The report highlights that: Fossil fuels cause $9.3 trillion per year in climate damages and air pollution, higher than IMF estimates.[2] These are social costs that the fossil fuel industry should be charg