The International Monetary Fund (IMF) has urged countries to reduce fossil fuel subsidies, pointing out that energy subsidies will strain government finances and ultimately benefit the wealthy more. In a comprehensive report, the IMF stated that oil, gasoline, and electricity subsidies, intended to help consumers, have backfired, burdening governments with heavy costs. Furthermore, the report states that energy subsidies encourage energy waste, fail to incentivize public investment in energy-efficient industries, and exacerbate pollution and global warming. According to the IMF, direct energy subsidies worldwide reached $480 billion in 2011. Including after-tax subsidies, global governments subsidized $1.9 trillion. Oil exporters received the most subsidies, which will deplete natural resources more quickly. However, over the past three years, global oil and gas prices have risen, particularly impacting energy importers. According to the report, many countries have not raised domestic energy prices to cope with rising prices, further burdening their finances. David Lipton, First Deputy Managing Director of the IMF, said that countries providing energy subsidies to their citizens are now facing fiscal paralysis and energy shortages. Twenty countries worldwide have energy subsidies exceeding 5% of their GDP. These subsidies squeeze much-needed spending on healthcare, education, and infrastructure, hindering higher growth. The report also states that, including after-tax subsidies, the three largest energy-subsidizing countries—the United States, mainland China, and Russia—provide nearly $900 billion in subsidies combined.