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The oil price decline creates an opportunity to dismantle energy subsidies, which escalated with high oil prices. This paper assesses energy subsidies in Latin America and the Caribbean—about 1.8 percent of GDP in 2011–13 (approximately evenly split between fuel and electricity), and about 3.8 percent of GDP including negative externalities. Countries with poorer institutions subsidize more. Energy-rich countries subsidize fuel more, but low-income countries are more likely to subsidize electricity, as are Central America and the Caribbean. Energy subsidies impose fiscal costs, hurting SOEs, competitiveness, and distribution. The paper overviews country experience with subsidy reform, drawing lessons.

Energy industries -- Caribbean Area. --- Energy industries -- Latin America. --- Fiscal policy -- Caribbean Area. --- Fiscal policy -- Latin America. --- Government business enterprises -- Caribbean Area. --- Government business enterprises -- Latin America. --- Natural resources -- Caribbean Area. --- Natural resources -- Latin America. --- Natural resources --- Energy industries --- Fiscal policy --- Government business enterprises --- National resources --- Resources, Natural --- Economic aspects --- Resource-based communities --- Resource curse --- Industries --- Power resources --- Nationalized companies --- Parastatals --- Public enterprises --- State-owned enterprises --- Business enterprises --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- E-books --- Investments: Energy --- Macroeconomics --- Public Finance --- Energy: Demand and Supply --- Prices --- Electric Utilities --- Trade Policy --- International Trade Organizations --- Energy industries & utilities --- Investment & securities --- Public finance & taxation --- Energy subsidies --- Fuel prices --- Electricity --- Tariffs --- Oil prices --- Expenditure --- Commodities --- Taxes --- Expenditures, Public --- Electric utilities --- Tariff --- Dominican Republic