The International Monetary Fund (IMF) is out with an important new study, which provides "the most comprehensive estimates of energy subsidies currently available for 176 countries," along with "an analysis of 'how to do' energy subsidy reform, drawing on insights from 22 country case studies undertaken by IMF staff and analyses carried out by other institutions." One key takeaway from the IMF report is the staggering size of global fossil fuel subsidies: $1.9 trillion, counting both direct subsidies and also "negative externalities from energy consumption," in 2011 alone. However, as David Roberts of Grist helpfully points out, the IMF estimates of fossil fuel subsidies are almost certainly too low, given the IMF's significant underestimate of the "social cost of capital." According to Roberts: