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Fossil Fuel Subsidies Do Developing Countries More Harm Than Good

Fossil fuel subsidies in developing countries distort emerging economies and overwhelmingly benefit “the car-driving urban elite,” according to a post earlier this month on the Community Research Connections website. CRC_Research cites a mid-June report in The Economist, which observed that decades of subsidies from Egypt to Indonesia have started “with noble intentions—to keep down the cost of living for the poor or, in the case of oil producing countries, to provide a visible example of the benefits of carbon wealth. But they have disastrous consequences, wrecking budgets, distorting economies, harming the environment and, on balance, hurting rather than helping the poor.” (h/t to Energy Mix subscriber Diane Beckett for pointing us to this post)