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Wednesday, March 27, 2013

End global fossil-fuel subsidies, says International Monetary Fund ($1.40/gallon of gas in US)

From today's Washington Post:

Governments around the world subsidize gasoline, electricity and other major forms of energy to the tune of $1.9 trillion a year according to a new International Monetary Fund study that calls for that amount to be offset through carbon taxes or other means to battle climate change and other social problems. For the United States, that would require a $1.40 levy per gallon of gas and other fees totaling about $1,170 per person to offset the full cost of fossil fuel use, including “externalities” such as pollution and steps to mitigate the effects of global warming.

Makes sense to me. I'm indirectly paying costs because of your use of fuel, and you're indirectly paying costs because of mine - wouldn't it be better if each of us directly paid for our own costs? We could all make better decisions; that's how capitalism should work.