Financial Times FT.com

US wants G20 to axe fuel subsidies

Sept 4 - 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.

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