01 Mar '12, 12am

How Oil Speculation and Energy Policy Impact the Price of Gas

How Oil Speculation and Energy Policy Impact the Price of Gas

And here, way down at the bottom, we get to domestic energy policy. And that’s because there’s very little that a government can do to reduce the price of oil on the market. But governments can, of course, make gasoline cheaper by subsidizing its sale (nations like Venezuela do this in extreme measures to provide citizens with dirt cheap gas). And they can make it more expensive: by taxing it . In fact, high gas taxes can have the longterm effect of buffering citizens from oil shocks— transportation planning evolves to accommodate higher petroleum costs, and folks aren’t as vulnerable when gas prices rise. In the United States, the gas tax is extremely low—it’s the lowest in the industrialized world . As such, citizens here remain quite vulnerable to the whims of the forces described above.

Full article: http://www.treehugger.com/environmental-policy/how-oil-sp...

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