Governments around the world subsidize gasoline, electricity and other major forms of energy to the tune of $1.9 trillion a year according to a new International Monetary Fund study that calls for that amount to be offset through carbon taxes or other means to battle climate change and other social problems.
For the United States, that would require a $1.40 levy per gallon of gas and other fees totaling about $1,170 per person to offset the full cost of fossil fuel use, including "externalities" such as pollution and steps to mitigate the effects of global warming.
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