Five nations agree to think about ending oil subsidies
The day after markets registered the highest single-day rise in crude oil prices ever, the United States and Asia’s four largest economies (Japan, China, India and South Korea), meeting in Aomori, Japan in advance of the G8 Energy Ministers summit, have formed a sort of Petro-holics non-Anonymous club, calling for an end to oil subsidies in their countries.
Consumer subsidies (subsidized fuel prices), that is, not producer subsidies.
OK, what they actually agreed upon was “the need” to remove fuel-price subsidies. Eventually.
June 10, 2008