UPDATE: G20 Agrees To Phase Out Fossil Fuel Subsidies
(image: thestar.com.my)
MotherJones.com reported Friday that according to their latest communications, The Group of 20 would agree to phase out fossil fuel subsidies. Mother Jones quoted the draft statement allegedly leaked from the G20 conference in Pittsburgh: “Inefficient fossil fuel subsidies encourage wasteful consumption, distort markets, impede investment in clean energy sources and undermine efforts to deal with climate change.”
This is an update to HeatingOil.com’s report on Wednesday that Barack Obama would propose the gradual elimination of such subsidies.
As HeatingOil.com reported Wednesday, over the long term, this action would lower prices for heating oil and other energy consumers by making us less dependent on oil. However, in the short term, the end to these subsidies would mean financial losses for oil companies, losses that could be passed on to the consumer in the form of higher prices.
