The plunge in oil prices may be good for consumers and the global economy, but it could also hurt efforts to make our planet's energy system more sustainable. Policy makers from around the world can prevent this by taking advantage of cheaper oil to make meaningful changes in the way we price energy.
Choosing that path would require countries shifting a good chunk of their tax base from personal and corporate income to carbon taxes collected from households and businesses. Of course, if our economies are to remain competitive while doing that it will also require the levying of carbon tariffs on goods from countries that don't tax emissions like we do.
It's tough to find any drivers who relish digging into their wallets to fill up at the pump. According to the International Monetary Fund, though, not only should fuel taxes jump by more than 50 percent, the increase should have Canadians whistling a happy tune. Now, here's the real kicker: The IMF is right.