Pump aligning

ECONOMISTS loathe energy subsidies. They wreck government budgets—Venezuela’s parlous finances are partly the result of letting citizens buy petrol for a few cents a gallon. Subsidies damage the planet: they were responsible for 36% of global carbon emissions between 1980 and 2010. Despite noble intentions they do little to help the poor, since richer folk are heavier energy consumers. In 2008 the poorest 40% of Egyptians received 3% of petrol subsidies. So many economists will be heartened to see that some countries, notably Indonesia, are winding down such subsidy support, in response to the 50% fall in oil prices over the past six months.