<P> In Venezuela, energy subsidies were equivalent to about 8.9 percent of the countries GDP in 2012 . Fuel subsidies were 7.1 percent while electricity subsidies were 1.8 percent . In order to fund this the government used about 85 percent of its tax revenue on these subsidies . It is estimated the subsidies have caused Venezuela to consume 20 percent more energy than without them . The fuel subsidies are given more heavily to the richest part of the population who are consuming the most energy . The fuel subsidies maintained a cost of about $0.01 US for a liter of gasoline at the pump since 1996 until president Nicolas Maduro reduced the national subsidy in 2016 to make it roughly $0.60 US per liter (The local currency is Bolivar and the price per liter of gas is 6 Bolivars). Fuel consumption has increased overall since the 1996 policy began even though the production of oil has fallen more than 350,000 barrels a day since 2008 under that policy . PDVSA, the Venezuelan state oil company, has been losing money on these domestic transactions since the enactment of these policies . These losses can also be attributed to the 2005 Petrocaribe agreement, under which Venezuela sells many surrounding countries petroleum at a reduced or preferable price; essentially a subsidy by Venezuela for countries that are a part of the agreement . The subsidizing of fossil fuels and consequent low cost of fuel at the pump has caused the creation of a large black market . Criminal groups smuggle fuel out of Venezuela to adjacent nations (mainly Colombia). This is due to the large profits that can be gained by this act, as fuel is much more expensive in Colombia than in Venezuela . Despite the fact that this issue is already well known in Venezuela, and insecurity in the region continues to rise, the state has not yet lowered or eliminated these fossil fuel subsidies . </P> <P> Russia is the world's third - largest energy subsidizer as of 2015 . The country subsidizes electricity and natural gas as well as oil extraction . For oil extraction the government gives tax exemptions and duty reductions amounting to about 22 billion dollars a year . Some of the tax exemptions and duty reductions also apply to natural gas extraction, though the majority is allocated for oil . In 2013 Russia offered the first subsidies to renewable power generators . The large subsidies of Russia are costly and it is recommended in order to help the economy that Russia lowers its domestic subsidies . </P> <P> In February 2011 and January 2012 the UK Energy Fair group, supported by other organisations and environmentalists, lodged formal complaints with the European Union's Directorate General for Competition, alleging that the Government was providing unlawful state aid in the form of subsidies for nuclear power industry, in breach of European Union competition law . </P> <P> One of the largest subsidies is the cap on liabilities for nuclear accidents which the nuclear power industry has negotiated with governments . "Like car drivers, the operators of nuclear plants should be properly insured," said Gerry Wolff, coordinator of the Energy Fair group . The group calculates that, "if nuclear operators were fully insured against the cost of nuclear disasters like those at Chernobyl and Fukushima, the price of nuclear electricity would rise by at least € 0.14 per kWh and perhaps as much as € 2.36, depending on assumptions made". According to the most recent statistics, subsidies for fossil fuels in Europe are exclusively allocated to coal (€ 10 billion) and natural gas (€ 6 billion). Oil products do not receive any subsidies . </P>

It is fossil fuels not renewable energy most supported by us public policy