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| Home Front: Politix |
| Obama makes a climate proposal that actually makes sense - The rest of the World hates it |
| 2009-09-04 |
| U.S. wants G20 to axe fuel subsidies The United States plans to call on the Group of 20 to eliminate fossil fuel subsidies in five years and increase oil market transparency when the group meets at the end of the month, according to a source familiar with the proposal. The world's biggest energy user intends to argue fuel subsidies distort oil and product markets and artificially raise fuel demand, leading to higher greenhouse gas emissions, said the source, who asked not to be named. This proposal -- which could rankle G20 states with big fuel subsidies such as China, Russia, and India -- calls on members to eliminate subsidies in five years. It argues non-members should end subsidies by 2020. The plan for the September 24-25 summit in Pittsburgh, Pennsylvania, also says members should provide more timely and accurate information on the notoriously murky oil market, including on inventory levels and positions held in the futures markets. Transparency and speculative activity have become an issue in commodity markets following the six-year record run that sent oil to all-time highs near $150 a barrel last year, battering the economies of import-reliant nations. |
| Posted by:phil_b |
| #1 See also INSTAPUNDIT > NYT: GLOBAL WARMING COULD FORESTALL ICE AGE [minimal = Global SLushy], + INTERNATIONAL LAW AND GEO-ENGINEERING TO FIGHT CLIMATE CHANGE. |
| Posted by: JosephMendiola 2009-09-04 23:14 |