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In page 2010s oil glut:

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The environmental impacts of fossil fuels, especially oil, led to government policies promoting the use of zero-carbon energy sources to prevent or slow climate change. Future action on such environmental concerns, ranging from climate change to smog, has severely hurt the notion that oil demand would forever rise. The EU implemented a bloc-wide carbon tax; many nations increased gas taxes and/or passed a carbon tax. Alternative energy sources, such as wind and solar, were being subsidized to support their use.[citation needed]