Where Do Your Subsidy Dollars Go?

Where Do Your Subsidy Dollars Go? Meet a few of the fossil fuel companieswho may be benefitting from your subsidies…

TRANSCANADA (parent company of the Keystone XL pipeline)2011 REPORTED PROFIT: $1.6 Billion1

Transcanada is a major NorthAmerican energy company based inAlberta, Canada.Its pipeline network includesapproximately 36,661 miles of pipelineand connects with virtually all majorgas supply basins on the continent.Since it began operations in 2010,Transcanada’s Keystone 1 pipelinehas suffered more spills than any other1st year pipeline in US history2.

Transcanada is most well-known asthe owner/operator of the KeystoneXL, a proposed pipeline that wouldcarry Canadian oil sands bitumenacross the United States to the Gulf ofMexico.Though its original application wasdenied in early 2012, a newapplication was submitted in lateJune.A decision is pending.

ENBRIDGE2011 REPORTED PROFIT: $991 Million3

Enbridge operates the worlds longestcrude oil pipeline system, located inboth Canada and the USA.A ruptured Enbridge pipeline spilledwhat the company estimated to be843,000 million gallons of undilutedCanadian oil sands bitumen intoMichigan’s Kalamazoo river on July26, 20104.To date, the equivalent of 1.1 milliongallons of oil has been recoveredfrom the spill site5, and cleanup is stillongoing.

As of 2012, Enbridge has twoadditional oil sands pipeline projectspending:The Eastern Access, which wouldtransport shale oil from North Dakotato Montreal, Canada;And the Northern Gateway, whichwould transport bitumen throughBritish Columbia’s Great Bearrainforest to the Pacific coast.

ROYAL DUTCH SHELL2011 REPORTED PROFIT: $31 Billion6

With operations in more than 90countries, Royal Dutch Shell is one ofthe six largest oil and gas companiesin the world, and the second-largestcompany on the planet by 2011revenues7.Shell was responsible for the largestoil spill ever in freshwater when one ofits tankers collided with another offthe coast of Magdelena, Argentina in19998.

In 2004, Shell was found guilty ofoverstating its oil reserves and orderedto pay shareholders a settlement of$450 Million dollars9 .Last week Shell was ordered to pay $5Billion to the Nigerian government fora December 2011 offshore spill10. Theyare contesting the fine.The company is currently expandingits offshore drilling operations in theArctic11.

KINDER MORGAN2011 REPORTED PROFIT: $1 Billion12

Kinder Morgan is the fourth largestenergy company (based oncombined enterprise value) in NorthAmerica13.It owns an interest in, or operates,approximately 75,000 miles ofpipelines.This includes the Trans Mountainpipeline, the only oil sands-carryingpipeline serving the Pacific Northwestvia the Port of Vancouver.

On July 24, 2007, Kinder Morgan’sTrans Mountain pipeline ruptured,spraying 234,000 liters of crude oil intoa residential neighborhood andocean inlet in suburban Vancouver14.In April 2012, Kinder Morganannounced its plans for a ‘twinned’pipeline to the Trans Mountain toincrease its export capacity from350,000 barrels per day to 800,00015.

TAKE ACTIONLearn about the Summer of Solidarityand ongoing protests againstTranscanada’s Keystone XL pipeline.Stand in solidarity with victims ofEnbridge’s oil spill in the Kalamazooriver.Pledge to protect the Arctic fromShell’s drilling with Greenpeace’s‘Save the Arctic’ petitionSign the ‘No Tankers’ petition andprevent Kinder Morgan fromexporting oil sands crude throughPacific Northwest waterways. And…

Join more than 1 million people worldwidecalling for governments to eliminate subsidiesfor fossil fuel companies.www.postcarbon.org/breakup

SOURCES1. http://www.transcanada.com/5942.html 9. http://www.nytimes.com/2007/04/12/busines s/12shell.html2. http://www.huffingtonpost.com/2011/08/29/ keystone-pipeline-infographic_n_941069.html 10. http://www.google.com/hostednews/afp/ar ticle/ALeqM5jNF1eYjcYxyTJNPSW_Epnnx65pE w?docId=CNG.e5499dc0b1888fbc0749a2ce3. http://www.enbridge.com/InvestorRelations/ d9e6f220.5b1 FinancialInformation.aspx 11. http://www.shell.com/home/content/future_4. http://greatlakesecho.org/2012/06/19/michi energy/meeting_demand/arctic/ gans-kalamazoo-river-oil-spill-far-larger-than- official-estimates-evidence-shows/ 12. http://www.google.ca/finance?q=NYSE:KMI &fstype=ii5. http://www.epa.gov/enbridgespill/ 13. http://www.kindermorgan.com/6. http://www.google.ca/finance?q=NYSE:RDS. A&fstype=ii 14. http://www.cbc.ca/news/canada/british- columbia/story/2007/07/24/bc-oilspill.html7. http://en.wikipedia.org/wiki/List_of_compani es_by_revenue 15. http://www.globaltvbc.com/kinder%20morg an%20to%20proceed%20with%205-8. http://www.bnamericas.com/news/oilandg billion%20trans%20mountain%20pipeline%20e as/Court_rules_Shell_must_spend_US*35mn_o xpansion%20to%20burnaby/6442620031/story n_Magdalena_clean-up .html

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Where Do Your Subsidy Dollars Go?

by WillWork4Shoes on Jul 23, 2012

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Where Do Your Subsidy Dollars Go? Presentation Transcript