In 2009, G20 leaders pledged "to phase out and rationalize over the medium term inefficient fossil fuel subsidies while providing targeted support for the poorest".

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It recently confirmed it had resumed the conversion of medium enriched uranium into oxide fuel to slow down growth of its stockpile.

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But analysts say it is the smaller- and medium-sized cities that will fuel India's growth in the coming years.

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Already, the Obama Administration has made historic progress through investments in clean energy, new fuel economy standards for cars and light-duty trucks that will save approximately 1.8 billion barrels of oil, and steps toward the first-ever fuel economy standards for medium- and heavy-duty trucks.

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But over the medium and long term a higher gasoline price would encourage fuel efficiency, so people would actually end up paying less for transportation.

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Unlike the light-duty vehicle market, most medium- and heavy-duty truck purchasers operate on slim profit margins where fuel costs are a major factor in their economic survival.

FORBES: Magazine Article