, April 23 -- Pacific leaders have declared an emergency over the looming threat of fuel shortages, as fossil fuel dependence and global instability have placed many remote countries at a significant loss.

In addition to the short-term spike in oil prices, new research shows that the total cost of fossil fuels goes much deeper than the current energy crisis.

New research by 350.org shows that on top of soaring energy bills, fossil fuels cost households an additional US$12 trillion in taxpayer handouts, health impacts and extreme weather damage - equivalent to a US$23 million a minute "gift to Big Oil" that costs each person on Earth an additional US$1,400 a year.

That means that consumers worldwide are paying an estimated US$2.50 more ...