Fossil fuel subsidies

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Fossil-fuel subsidies per capita, 2019. Fossil-fuel pre-tax subsidies per capita are measured in constant US dollars.
Fossil-fuel subsidies as a share of GDP, 2019. Fossil-fuel pre-tax subsidies are given as a share of total gross domestic product.

Fossil fuel subsidies are energy subsidies on fossil fuels. They may be tax breaks on consumption, such as a lower sales tax on natural gas for residential heating; or subsidies on production, such as tax breaks on exploration for oil. Or they may be free or cheap negative externalities; such as air pollution or climate change due to burning gasoline, diesel and jet fuel. Some fossil fuel subsidies are via electricity generation, such as subsidies for coal-fired power stations. One downside to subsidizing any industry is that competition and innovation are lessened or lost completely. Subsidizing can make a product be cheaper for buyers, but in the long run, innovation and lower prices come from a competitive free market.

Despite the G20 countries having pledged to phase-out inefficient fossil fuel subsidies,[1] they may be continued because of voter demand[2] or for energy security.[3] Global fossil fuel consumption subsidies in 2021 have been estimated at 440 billion dollars;[4] although they vary each year depending on oil prices they are consistently hundreds of billions of dollars.[5]

Eliminating fossil fuel subsidies would greatly reduce global carbon emissions[6][7][8][9] and would reduce the health risks of air pollution.[10] As of 2021, policy researchers estimate that substantially more money is spent on fossil fuel subsidies than on environmentally harmful agricultural subsidies or environmentally harmful water subsidies.[11]

Definition[edit]

Fossil fuel subsidies have been described as "any government action that lowers the cost of fossil fuel energy production, raises the price received by energy producers, or lowers the price paid by energy consumers."[12] Including negative externalities such as health costs results in a much larger total.[13] Thus by the IMF definition they are far larger than by the OECD and IEA definitions.[14]

Subsidies for electricity and heat may be taken into account, depending on the share produced by fossil fuels.[14]

Sometimes there are disputes about the what definition to use: for example the UK government said in 2021 that it uses the IEA definition and does not subsidize fossil fuels,[15] but others said the same year that under the OECD definition it does.[16][17]

Measurement[edit]

Subsidies may be estimated by adding up direct subsidies from government, comparing prices in a country to world market prices, and sometimes attempting to include the cost of damage to human health and the climate.[18] In 2020 The Guardian reported that "governments [were] spending vastly more in support of fossil fuels than on low-carbon energy in rescue packages triggered by the coronavirus crisis...despite rhetoric from many countries in support of a 'green recovery'."[19] In 2021 The Guardian reported on an IMF study detailing how "the fossil fuel industry gets subsidies of $11m a minute...[and]...trillions of dollars a year are ‘adding fuel to the fire’ of the climate crisis... Setting fossil fuel prices that reflect their true cost would cut global CO2 emissions by over a third, the IMF analysts said."[20][21]

Effects[edit]

Subsidies on consumption reduce the price of energy for end consumers, for example the cost of gasoline for car drivers in Iran. This may win votes at elections and some people in government say it helps poorer citizens.

The consensus among economists is that the rich get most absolute benefit from fossil fuel subsidies,[22] for example the poorest people do not usually own cars. But removing the subsidies may hit poor people via indirect price increases such as food prices, so they get a lot of benefit relative to their total income.[22] Producers, such as oil companies, say that increasing taxes on them would cause unemployment and reduce national energy security.[23]

Health effects[edit]

Subsidies are estimated to cause hundreds of thousands of deaths from air pollution each year.[24]

Economic effects[edit]

Fossil fuel subsidies are a negative carbon price[5] and use government money that could be spent on other things.[25] The International Monetary Fund says that by encouraging excess energy use they can make countries more vulnerable to variation in international energy prices.[25] However some governments say that the subsidies are necessary to shield citizens from such variation.[3] According to the International Energy Agency (IEA) phasing out fossil fuel subsidies would benefit energy markets, climate change mitigation and government budgets.[26]

Environmental effects[edit]

Subsidies affect the environment and removing them would save the carbon budget[5] and help limit climate change.[27]

Phase-out[edit]

Many economists recommend replacing consumption subsidies with direct payments targeted at poor people or households.[22][28][29][30]

History[edit]

Tax breaks for oil and gas exploration have been in place since at least the early 20th century.[31]

Subsidies by fuel[edit]

Coal[edit]

Coal subsidies in 2020 have been estimated at 1.7 billion dollars.[32]

Oil[edit]

Oil subsidies in 2020 have been estimated at 90 billion dollars.[32]

Gas[edit]

Gas subsidies in 2020 have been estimated at 37 billion dollars.[32]

Subsidies by country[edit]

The International Energy Agency estimates that governments subsidised fossil fuels by US $440 billion in 2021.[33]

At their meeting in September 2009 the G-20 countries committed to "rationalize and phase out over the medium term inefficient fossil fuel subsidies that encourage wasteful consumption".[34]

The 2010s saw many other countries reducing energy subsidies, for instance in July 2014 Ghana abolished all diesel and gasoline subsidies, whilst in the same month Egypt raised diesel prices 63% as part of a raft of reforms intended to remove subsidies within 5 years.[35]

In Sept, 2021, the IMF produced a working paper with estimates for the subsidies caused by the gap between the efficient price of fossil fuels and user prices.[36][37] "Underpricing for local air pollution costs is the largest contributor to global fossil fuel subsidies, accounting for 42 percent, followed by global warming costs (29 percent), other local externalities such as congestion and road accidents (15 percent), explicit subsidies (8 percent) and foregone consumption tax revenue (6 percent)."[37] Globally, fossil fuel subsidies were $5.9 trillion which amounts to 6.8% of GDP in 2020 and are expected to rise to 7.4% in 2025.[38]

The table below shows excerpts from a 2021 IMF study for 20 countries with biggest subsidies. It also shows the biggest component of explicit subsidies, electricity costs, and of implicit subsidies, coal. See these references for complete data:[39][37][36] (Units are billions of 2021 US dollars.)

Fossil fuel subsidies - top 20 countries US$ billions[36][37][39]
2020 Explicit Subsidies Implicit Subsidies Total
Electricity Total Coal Total
China 13.69 15.73 1,391.78 2,187.50 2,203.23
United States 0.00 16.06 121.45 646.00 662.05
Russia 25.14 77.36 195.26 445.26 522.62
India 8.71 16.18 162.72 230.89 247.07
Japan 2.74 4.75 57.69 164.80 169.55
Saudi Arabia 8.72 53.75 0.00 104.36 158.11
Iran 26.51 41.72 4.59 111.05 152.77
Indonesia 5.49 11.96 32.85 115.13 127.09
Turkey 0.24 4.11 52.59 112.61 116.72
Egypt 7.32 9.69 1.89 95.38 105.07
Germany 0.00 3.43 25.50 68.32 71.75
Korea, South 0.00 0.58 28.93 68.39 68.98
Canada 2.43 10.34 3.04 53.69 64.03
South Africa 5.62 5.72 30.41 44.84 50.56
Kazakhstan 4.57 9.93 19.11 37.05 46.98
Taiwan Province of China 1.67 2.58 25.42 43.55 46.13
Australia 2.14 5.57 14.85 38.92 44.49
Ukraine 4.57 7.76 28.76 35.87 43.63
Malaysia 0.90 3.52 5.52 39.50 43.02
Brazil 0.00 5.80 4.60 37.17 42.97
World total 189.53 454.79 2,362.26 5,402.57 5,857.36

Canada[edit]

The Canadian federal government offers subsidies for fossil fuel exploration and production and Export Development Canada regularly provides financing to oil and gas companies. A 2018 report from the Overseas Development Institute, a UK-based think tank, found that Canada spent a greater proportion of its GDP on fiscal support to oil and gas production in 2015 and 2016 than any other G7 country.[40]

In 2018, in response to low Canadian oil prices, the federal government announced $1.6 billion in financial support for the oil and gas sector: $1 billion in loans to oil and gas exporters from Export Development Canada, $500 million in financing for “higher risk” oil and gas companies from the Business Development Bank of Canada, $50 million through Natural Resources Canada’s Clean Growth Program, and $100 million through Innovation, Science and Economic Development Canada’s Strategic Innovation Fund. Minister of Natural Resources Amarjeet Sohi said that this financing is “not a subsidy for fossil fuels”, adding that “These are commercial loans, made available on commercial terms. We have committed to phasing out inefficient fossil fuel subsidies by 2025, and we stand by that commitment".[41] Canada has committed to phase out fossil fuel subsidies by 2023.[42]

Canadian provincial governments also offer subsidies for the consumption of fossil fuels. For example, Saskatchewan offers a fuel tax exemption for farmers and a sales tax exemption for natural gas used for heating.[43]

A 2018 report from the Overseas Development Institute was critical of Canada's reporting and transparency practices around its fossil fuel subsidies. Canada does not publish specific reports on its fiscal support for fossil fuels, and when Canada’s Office of the Auditor-General attempted an audit of Canadian fossil fuel subsidies in 2017, they found much of the data they needed was not provided by Finance Canada. Export Development Canada reports on their transactions related to fossil fuel projects, but do not provide data on exact amounts or the stage of project development.[44]

China[edit]

The energy policy of China says that energy security[45] requires subsidy of production and consumption of fossil fuels including coal, oil and natural gas.[46][47]

India[edit]

In financial year 2021 fossil fuel subsidies have been estimated at 9 times renewable energy subsidies: with INR 55,250 crore for oil and gas and INR 12,976 crore for coal.[48]

Iran[edit]

Contrary to the subsidy reform plan's objectives, under president Rouhani the volume of Iranian subsidies given to its citizens on fossil fuel increased 42% in 2019 to over 15% of Iran’s GDP and 16% of total global energy subsidies. This has made Iran the world's largest subsidizer of energy prices.[49] This situation is leading to highly wasteful consumption patterns, large budget deficits, price distortions in its entire economy, pollution and very lucrative (multi-billion dollars) contraband (because of price differentials) with neighbouring countries each year by rogue elements within the Iranian government supporting the status-quo.[50][51]

Libya[edit]

Libya had the highest subsidy by percent GDP in 2020 at 17.5%.[52]

Russia[edit]

Russia is one of the world’s energy powerhouses. It holds the world’s largest natural gas reserves (27% of total), the second-largest coal reserves, and the eighth-largest oil reserves.[53] Russia is the world's third-largest energy subsidizer as of 2015.[54] The country subsidizes electricity and natural gas as well as oil extraction. Approximately 60% of the subsidies go to natural gas, with the remainder spent on electricity (including under-pricing of gas delivered to power stations).[53] For oil extraction the government gives tax exemptions and duty reductions amounting to about 22 billion dollars a year. Some of the tax exemptions and duty reductions also apply to natural gas extraction, though the majority is allocated for oil.[55] The large subsidies of Russia are costly and it is recommended in order to help the economy that Russia lowers its domestic subsidies.[56] However, the potential elimination of energy subsidies in Russia carries the risk of social unrest that makes Russian authorities reluctant to remove them.[57]

Saudi Arabia[edit]

Most energy subsidies in Saudi Arabia are implicit in nature. This is due to the fact domestic oil prices are generally below global market prices but above domestic production costs, leading to forgone revenue but not direct subsidy costs. Contrary to the estimates above, a recent paper posits that the incremental electricity subsidy in Saudi Arabia has been eliminated as a result of the 2018 domestic energy price reforms. [58]

Turkey[edit]

In the 21st century, Turkey's fossil fuel subsidies are around 0.2% of GDP,[59][60]: 29  including at least US$14 billion (US$169 per person) between January 2020 and September 2021.[61] If unpaid damages (such as health damage from air pollution) are included road fuel subsidy is estimated at over 400 dollars per person per year and for all fossil fuels over one thousand dollars.[62] Data on finance for fossil fuels by state-owned banks and export credit agencies is not public.[60]: 32  The energy minister Fatih Dönmez supports coal[63][64] and most energy subsidies are for coal,[65] which the OECD has strongly criticised.[66] Capacity mechanism payments to coal-fired power stations in Turkey in 2019 totalled 720 million (US$130 million) compared to 542 million (US$96 million) to gas-fired power stations in Turkey.[67] As of 2020, the tax per unit energy on gasoline was higher than diesel,[68] despite diesel cars on average emitting more lung damaging NOx (nitrogen oxide):[69] it has been suggested that the urban car taxes should be equalized between diesel and gasoline as gasoline-hybrid electric light duty vehicles are more fuel efficient in cities than diesel.[70]

Venezuela[edit]

2020 subsidy has been estimated at 7% of GDP.[4] In 2021 the subsidized and rationed gasoline price was around 25 US cents a litre,[71][72] whereas the unsubsidized price was about 50 cents a litre.[73]

References[edit]

  1. ^ "Update on recent progress in reform of inefficient fossil-fuel subsidies that encourage wasteful consumption" (PDF). 2021.
  2. ^ George, Johannes Urpelainen and Elisha (2021-07-14). "Reforming global fossil fuel subsidies: How the United States can restart international cooperation". Brookings. Retrieved 2022-02-26.
  3. ^ a b Brower, Derek; Wilson, Tom; Giles, Chris (2022-02-25). "The new energy shock: Putin, Ukraine and the global economy". Financial Times. Retrieved 2022-02-26.
  4. ^ a b "Energy subsidies". International Energy Agency. Retrieved 2022-02-26.
  5. ^ a b c "Fossil Fuel Subsidies & Finance". Oil Change International. Retrieved 2022-06-02.
  6. ^ Coady, David; Parry, Ian; Sears, Louis; Shang, Baoping (March 2017). "How Large Are Global Fossil Fuel Subsidies?". World Development. 91: 11–27. doi:10.1016/j.worlddev.2016.10.004.
  7. ^ John Schwartz (5 December 2015). "On Tether to Fossil Fuels, Nations Speak With Money". The New York Times. Archived from the original on 6 December 2015. Retrieved 5 December 2015. ...the elimination of subsidies as one of the most effective strategies for reducing greenhouse gas emissions.
  8. ^ Ross, Michael L.; Hazlett, Chad; Mahdavi, Paasha (January 2017). "Global progress and backsliding on gasoline taxes and subsidies". Nature Energy. 2 (1): 16201. Bibcode:2017NatEn...216201R. doi:10.1038/nenergy.2016.201. S2CID 157840070.
  9. ^ "Fossil fuel subsidies: If we want to reduce greenhouse gas emissions we should not pay people to burn fossil-fuels". Our World in Data. Retrieved 2021-11-04.
  10. ^ "Local Environmental Externalities due to Energy Price Subsidies: A Focus on Air Pollution and Health" (PDF). World Bank.
  11. ^ "Protecting Nature by Reforming Environmentally Harmful Subsidies: The Role of Business | Earth Track". www.earthtrack.net. Retrieved 2022-03-07.
  12. ^ "Fossil Fuel Subsidies & Finance". Oil Change International. Retrieved 2022-08-04.
  13. ^ elf (2017-07-26). "New report highlights health costs of fossil fuel industry, calls for end to government subsidies". European Lung Foundation. Retrieved 2022-08-04.
  14. ^ a b "Fossil fuel subsidies: Types, measurement, impacts and reform efforts" (PDF). 31 March 2022.
  15. ^ "Oil and gas industry: outside interests".
  16. ^ "UK refuses to join trade pact to end fossil fuel subsidies, eliminate tariffs on green goods". POLITICO. 2021-11-11. Retrieved 2022-08-04.
  17. ^ "Fossil Fuel Support - GBR". stats.oecd.org. Retrieved 2022-08-04.
  18. ^ "Abolishing Fuel Subsidies in a Green and Just Transition" (PDF).
  19. ^ Harvey, Fiona (15 July 2020). "Governments put 'green recovery' on the backburner". The Guardian. Retrieved 19 October 2021.
  20. ^ Carrington, Damian (6 October 2021). "Fossil fuel industry gets subsidies of $11m a minute, IMF finds". The Guardian. Retrieved 19 October 2021.
  21. ^ Parry, Ian; Black, Simon; Vernon, Nate (24 September 2021). "Still Not Getting Energy Prices Right: A Global and Country Update of Fossil Fuel Subsidies". International Monetary Fund. International Monetary Fund. Retrieved 19 October 2021.
  22. ^ a b c "Why are energy subsidy reforms so unpopular?". World Bank. Retrieved 2022-02-26.
  23. ^ "Taxes, Energy and the Economy". www.api.org. Retrieved 2022-02-26.
  24. ^ "Still Not Getting Energy Prices Right: A Global and Country Update of Fossil Fuel Subsidies". IMF. Retrieved 2022-02-26.
  25. ^ a b "| Fossil Fuel Subsidies". IMF. Retrieved 2022-02-26.
  26. ^ "Energy subsidies – Topics". IEA. Retrieved 2021-04-15.
  27. ^ "Fossil fuel subsidies reform could limit climate change while tackling global inequalities. Here's how. | United Nations Development Programme". UNDP. Retrieved 2022-02-26.
  28. ^ McCulloch, Neil; Stefanski, Radek. "Fossil fuel subsidies amount to hundreds of billions of dollars a year – here's how to get rid of them". The Conversation. Retrieved 2022-02-26.
  29. ^ Elgouacem, Assia (2020-10-23). "Designing fossil fuel subsidy reforms in OECD and G20 countries: A robust sequential approach methodology". OECD Environment Working Papers. doi:10.1787/d888f461-en. S2CID 242402423. {{cite journal}}: Cite journal requires |journal= (help)
  30. ^ "3 essential steps towards ending fossil fuel subsidies". World Economic Forum. Retrieved 2022-02-26.
  31. ^ "Intangible Drilling and Development Costs" (PDF).
  32. ^ a b c Bhutada, Govind (2022-01-31). "Charted: $5 Trillion in Fossil Fuel Subsidies". Visual Capitalist. Retrieved 2022-02-27.
  33. ^ "Energy subsidies – Topics". IEA. Retrieved 2022-02-04.
  34. ^ "Joint report by IEA, OPEC, OECD and World Bank on fossil-fuel and other energy subsidies: An update of the G20 Pittsburgh and Toronto Commitments" (PDF). International Energy Agency. 2011. p. 2. Archived (PDF) from the original on 2014-12-10. Retrieved 2015-04-27.
  35. ^ "Recent Developments in Energy Subsidies" (PDF). International Energy Agency. 2015. Archived (PDF) from the original on 2015-09-26. Retrieved 2015-04-27.
  36. ^ a b c Carrington, Damian (6 October 2021). "Fossil fuel industry gets subsidies of $11m a minute, IMF finds". The Guardian. Retrieved 19 October 2021.
  37. ^ a b c d Parry, Ian; Black, Simon; Vernon, Nate (24 September 2021). "Still Not Getting Energy Prices Right: A Global and Country Update of Fossil Fuel Subsidies". International Monetary Fund. International Monetary Fund. Retrieved 19 October 2021.
  38. ^ Parry, Ian; Black, Simon; Vernon, Nate (September 2021). "Still Not Getting Energy Prices Right: A Global and Country Update of Fossil Fuel Subsidies". IMF. Retrieved 20 October 2021.
  39. ^ a b Parry, Ian; Black, Simon; Vernon, Nate. "International Monetary Fund; Climate Change; Fossil Fuel Subsidies". International Monetary Fund. Scroll down at left sidebar, see Data and Diagnostic Tools; see "Fossil Fuel Subsidies by Country and Fuel Database (2021)" (links to Excel spreadsheet): International Monetary Fund. Retrieved 22 October 2021.{{cite web}}: CS1 maint: location (link)
  40. ^ "G7 fossil fuel subsidy scorecard" (PDF). June 2018.
  41. ^ Meyer, Carl (2018-12-18). "Sohi announces $1.6 billion to help Alberta oilpatch". National Observer. Retrieved 2019-05-19.
  42. ^ "Climate institute proposes new framework for addressing fossil fuel subsidies". Canadian Institute for Climate Choices. Retrieved 2022-03-01.
  43. ^ "Meeting Canada's Subsidy Phase-Out Goal: What it means in Saskatchewan". IISD. 2016-08-29. Retrieved 2019-05-19.
  44. ^ Whitley, Shelagh. "Time to change the game: Fossil fuel subsidies and climate". Overseas Development Institute. Archived from the original on 3 January 2014. Retrieved 3 January 2014.
  45. ^ "China Briefing, 24 February 2022: New economics measures; Assessing China's climate pledges; Coal plant research". Carbon Brief. 2022-02-24. Retrieved 2022-02-27.
  46. ^ "China | GSI". www.iisd.org. Retrieved 2022-02-27.
  47. ^ "Asia-Pacific Must Phase Out Fossil-Fuel Subsidies". Brink. Retrieved 2022-02-27.
  48. ^ "Mapping India's Energy Policy 2022". International Institute for Sustainable Development. Retrieved 2022-06-02.
  49. ^ "Iran: Largest Fuel Subsidizer in 2018". Financial Tribune. July 16, 2019.
  50. ^ "Blind subsidy system costing economy greatly". March 5, 2019.
  51. ^ "Why Fuel is Smuggled Out of Iran and Why No One Stops It".
  52. ^ "Value of fossil-fuel subsidies by fuel in the top 25 countries, 2020 – Charts – Data & Statistics". IEA. Retrieved 2022-02-27.
  53. ^ a b Grant, Dansie; Marc, Lanteigne; Overland, Indra (2010-02-01). "Reducing Energy Subsidies in China, India and Russia: Dilemmas for Decision Makers". Sustainability. 2 (2): 475–493. doi:10.3390/su2020475. Archived from the original on 2018-04-11.
  54. ^ "WEO - Energy Subsidies". worldenergyoutlook.org. Archived from the original on 2017-08-15. Retrieved 2017-08-06.
  55. ^ Ogarenko, Luliia (November 2015). "G20 subsidies to oil, gas and coal production: Russia" (PDF). IISD. Archived (PDF) from the original on 2017-05-11.
  56. ^ "June: IEA releases review of Russian energy policies". iea.org. Archived from the original on 2017-03-21. Retrieved 2017-08-06.
  57. ^ Indra Overland (2010) ‘Subsidies for Fossil Fuels and Climate Change: A Comparative Perspective’, International Journal of Environmental Studies, Vol. 67, No. 3, pp. 203-217. "Subsidies for fossil fuels and climate change: A comparative perspective". Archived from the original on 2018-02-12. Retrieved 2018-02-11.
  58. ^ KAPSARC. "Revisiting Energy Subsidy Calculations: A Focus on Saudi Arabia". The Energy Journal. 44 (1).
  59. ^ Acar, Sevil; Challe, Sarah; Christopoulos, Stamatios; Christo, Giovanna (2018). "Fossil fuel subsidies as a lose-lose: Fiscal and environmental burdens in Turkey" (PDF). New Perspectives on Turkey. 58: 93–124. doi:10.1017/npt.2018.7. S2CID 149594404. Archived from the original (PDF) on 2020-02-27.
  60. ^ a b Climate Policy Factbook (Report). BloombergNEF. 2021-07-20. Archived from the original on 7 July 2022.
  61. ^ "Turkey". Energy Policy Tracker. Retrieved 2021-11-15.
  62. ^ Taylor, Damian CarringtonMatthew. "Revealed: the 'carbon bombs' set to trigger catastrophic climate breakdown". the Guardian. Retrieved 2022-05-13.
  63. ^ "Analysis: New Turkish energy minister bullish for coal – but lira weakness limits market". S & P Global. 12 Jul 2018. Archived from the original on 29 October 2020. Retrieved 21 April 2020.
  64. ^ "Court says 'environment report necessary' for planned coal mine in western Turkey". Demirören News Agency. 10 August 2018. Archived from the original on 16 October 2018. Retrieved 21 April 2020.
  65. ^ "Fossil Fuel Support – TUR" Archived 31 August 2019 at the Wayback Machine, OECD, accessed August 2018.
  66. ^ "Taxing Energy Use 2019 : Using Taxes for Climate Action". OECD. Archived from the original on 12 January 2021. Retrieved 13 April 2020.
  67. ^ "Kapasite mekanizmasıyla 2019'da 40 santrale 1.6 milyar lira ödendi" (in Turkish). Enerji Günlüğü. 6 February 2020. Archived from the original on 12 January 2021. Retrieved 21 April 2020.
  68. ^ "Taxing Energy Use 2019: Country Note – Turkey" (PDF). OECD. Archived (PDF) from the original on 24 September 2020. Retrieved 11 January 2021.
  69. ^ Leggett, Theo (21 January 2018). "Reality Check: Are diesel cars always the most harmful?". BBC News. Archived from the original on 16 July 2020. Retrieved 13 April 2020.
  70. ^ DifiglioGürayMerdan (2020), p. 202.
  71. ^ "Venezuela Raises Gas Prices by 20-fold to 10 Cents a Gallon". www.bloomberg.com. Retrieved 2022-02-28.
  72. ^ Post, Mark Milke and Lennie Kaplan, Special to Financial (2021-07-22). "Opinion: There is no fossil-fuel subsidy pot of gold". Financial Post. Retrieved 2022-02-28.
  73. ^ Buitrago, Deisy (2021-10-23). "Venezuela to increase subsidized gasoline price". Reuters. Retrieved 2022-02-28.

Bibliography[edit]

  • Difiglio, Prof. Carmine; Güray, Bora Şekip; Merdan, Ersin (November 2020). Turkey Energy Outlook. iicec.sabanciuniv.edu (Report). Sabanci University Istanbul International Center for Energy and Climate (IICEC). ISBN 978-605-70031-9-5.

External links[edit]