US hurricanes wipe out 1% GDP growth
4 hurricanes have hit the US and the aftermath is still blurry. But what is clear it will cost US taxpayers billions of dollars to recover the losses from the two storms. The US government could have done more to prevent the storms from being as severe as they were. This is the argument put forth by the international community.
Unfortunately, as a main source of contributors to global warming via carbon emissions, the oil industry has not been listening. The oil industry has a long record of environmental disasters, most notoriously the BP Deepwater Horizon Spill back in 2010.
Overall, 100 companies have been the source of more than 70% of the world’s greenhouse gas emissions since 1988, many of them in the oil and gas industry.
Now, more and more Americans and environmental activists from all over the world are questioning companies like Exxon Mobile, Shell and others for practicing environmental negligence knowing that they or the public would be bailed out by the government if and when financial losses are incurred.
What's worse is that companies like shell knew decades in advance the consequences that their product would bring. Shell even produced a documentary on global warming called Climate of Concern
This type of reaction from the US government has led big oil companies going as far as blocking the path to renewable energy in a bid to continue growing their profits while disregarding the facts of fossil fuel impacts on global warming.
And as the main victims of this type of policy, it is the average taxpayer who ends up bailing out the wrong entities, due to what is seen as regressive government policies--at least when it comes realizing the cause of the impact.
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