Saudi Arabia has the highest fuel subsidies in the G20, with the government spending some $7,000 per person on state support for fuel prices. That’s equal to 27% of economic output, Bloomberg reports. The data comes from the International Monetary Fund, which reported recently that global subsidies for oil and gas had reached a record $7 trillion in 2022. The bulk of that sum, however, was not, in fact, government financial support for fuels but rather what the IMF calls implicit subsidies and defines as the environmental damage done by the…
