World Agrees: End Fuel Subsidies

Countries from Tunisia to Indonesia have cut subsidies to fossil fuels.

In Malaysia the Prime Minister said, “If we are willing to sacrifice with sincerity without expecting any return, we willl be amply rewarded.”

In Egypt the President asked Egyptians to sacrifice in the same spirit they had in the 1973 war with Israel: to retrieve national dignity.

In Indonesia the President hiked gs and diesel prices by a third. He said thatsubsidies were a waste of money because they rarely benefited the poor.

The IMF estimates that 3 rtillion is spent to sbsidize hyrocarbons, even in the US. Such subsidies help the well-off six times more than they do the poor.

A global consenus is forming to cut back these subsidies.

Hyrocarbon Subsidies

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