IMF Report Raises Question About Real Price Of Fossil Fuels
Fossil fuel subsidies total a "shocking" $5.3 trillion a year, according to a recent report, which also says they're not as cheap as people think.By Sebastian Martinez | May 19, 2015
One of the main issues governments tend to raise with alternative energy sources is they say they're more expensive and fossil fuels are just cheaper to produce. (Video via YouTube / Danni McGriffith)
But a new International Monetary Fund report suggests governments actually spend a "shocking" amount of money subsidizing those fossil fuels — a projected $5.3 trillion this year.
China reportedly leads the way in spending money to artificially lower the cost of energy, accounting for $2.3 trillion a year in subsidies, more than 40 percent of the total the report estimates. (Video via CBS)