posted on Apr, 19 2012 @ 03:33 AM
Arab countries waste billions on oil subsidies:
By Agence France-Presse
Wednesday, April 18, 2012 15:48 EDT -- The Raw Story
The UN Development Programme (UNDP) has issued a report that claims some Arab countries are actually subsidizing oil and energy to keep prices of gas
down for the populations.
AND, they will not roll them back for fear of a political backlash (of all things !)
The governments say it protects the poor from high prices, but some facts say the rich benefit more.
Arab countries are wasting tens of billions of dollars on subsidies for petrol and energy but dare not roll them back for fear of a political
backlash, a UN report said.
The UN Development Programme (UNDP) report this week said six of the world’s 10 biggest subsidizers are in the Arab world, led by Kuwait, Saudi
Arabia and Qatar. People in the three countries pay less than a third of world prices for car fuel and electricity.
The annual cost for Saudi Arabia is more than $43 billion, $4.15 billion for Qatar, $10.59 billion for Algeria, the report said quoting International
Energy Agency figures.
I wonder how much of a carbon footprint was left by the people at the U.N. who "talked" through the report ?
In Egypt, the top 20 percent wage earners get 33 percent of the energy subsidies, against 3.8 percent for the poorest families. For gasoline, 93
percent of the subsidies go to the rich.
The subsidies also distort the economy by encouraging waste and holding up investment in renewable energy, the report said. Energy consumption in the
Arab world tripled between 1980 and 2008.
UN researchers said the money could be better spent on infrastructure and social spending.
Better yet, how about the money it took to assemble the "facts" ?
Maybe the report cost could have been put to better use.
Like maybe education and infrastructure for Palestine !!
See, oil subsidies DO lower gas prices !!