Editorial Board
Fuel Subsidies Are the World's Dumbest Policy
They're wasteful, expensive, environmentally destructive and unnecessary.
At these prices, who can refuse?
Photographer: George Osodi/BloombergMany things have gotten harder as the world settles into a protracted spell of low oil prices and sluggish growth -- from avoiding deflation to creating jobs. One thing has gotten easier, as well as more urgent: eliminating fossil-fuel subsidies.
Governments have long paid lip service to this idea. The G-20 has been promising to phase out fuel subsidies since 2009, but the measures remain widespread and resilient.