Fuel Subsidies Overseas Take A Toll On U.S.

From Mexico to India to China, governments fearful of inflation and street protests are heavily subsidizing energy prices, particularly for diesel fuel. But the subsidies — estimated at $40 billion this year in China alone — are also removing much of the incentive to conserve fuel.

President Bush warned about the effects of subsidies on July 15. “I am discouraged by the fact that some nations subsidize the purchases of product, like gasoline, which, therefore, means that demand may not be causing the market to adjust as rapidly as we’d like,” he said.
http://www.heraldtribune.com/article/20080728/znyt01/807280381&tc=yahoo

Perhaps Mr. Bush ought to engage in a little navel-gazing before making his pronouncements:
http://www.globalpolicy.org/socecon/trade/subsidies/2008/0723usreduction.htm
Washington is currently allowed to distribute more than $48 billion in [agricultural] subsidies...