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Originally Posted by Ustwo
Oh, then I was mistaken in thinking you understood why European gas prices are so high.
Its the government. Norway has the third highest gas prices in the world, and yet is an oil exporter..... Sorry not the market.
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Its absolutely the market.
The federal gas tax in the US is a flat 18.4 cents; state gas taxes are a percentage of total, but none have been raised since 2006.
The price of crude in '06 was $56/barrel....today, its $120/barrel.
Supply (Saudi's turning down the spigot) and Demand (particularly surging demand in China and India).
Seems pretty simple to me.