Conservative estimates using Organisation for Economic Co-operation and Development (OECD) subsidy data suggest that in 2012 there was US$775 billion in fossil fuel subsidies
, with $630 billion in consumption subsidies for developing countries, approximately $45 billion in consumption studies for developed countries, and more than $100 billion in production subsidies globally.
Creating billions of dollars worth of fossil fuel subsidies
while neglecting sensible long-term investments is a choice that has consequences not only for the citizens of Pennsylvania today but for our children and future generations.
In the near term, eliminating fuel subsidies
at the pump will help offset the impact on the federal budget of lower energy revenues.
Previous efforts in Indonesia to slash fuel subsidies
sparked violent protests, but the country's new president Joko Widodo has vowed to tackle the problem despite risks to his popularity.
The momentous decision by the UAE to slash fuel subsidies
is likely to drive the decade long GCC tax debate to a meaningful conclusion within the next six months.
Reforming fuel subsidies
would help GCC states to lighten the pressure on their budgets, reduce the negative aspects of artificially high fuel consumption and stifle smuggling.
In Pittsburgh in September 2009, G20 leaders pledged to "rationalize and phase out over the medium term inefficient fossil fuel subsidies
that encourage wasteful consumption.
Fossil fuel subsidies
are on course to reach $600 billion by 2015 if no action is taken, he said.
The analysis, released in June, concluded that ending fossil fuel subsidies
could cut greenhouse gas emissions by 10 percent from the levels they would otherwise reach in the year 2050.
Second, the efficiancy of fuel subsidies
in shielding the economy from international supply shocks is uncertain particularly if the resultant budget deficit is monetized.
8 trillion in fuel subsidies
or about three times the orginal 2008 budget allocation of Rp 42 trillion ( an increase from about US$4.
Finance Minister Sri Mulyani Indrawaty said middle to high income people rather than low income members of the community have gained more from the fuel subsidies