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The price of gas (petrol) is closer to $12 in the UK. 80% of that is tax and duty, so price doesn't float with the oil price.
We have had fuel protests to deter the government from forcing further rises, and we still get occasional threats of further protests.
This shows how there is a political limit to policies of demand descruction.
More recently, the UK government announced a delay to duty increases. A response to the current economic woes, or just trying to save their own scalps?
gufpott 3 years ago
Great video series Warren.
I agree with you about policy measures to change behaviour, be careful with the assumption that taxing CO2 will reduce emissions.
What do the authorities do with the money raised? If they spend it, they will create CO2 and the tax loses its meaning.
If they are serious about reducing CO2 by taxation, the best thing would be *not* to spend the revenue raised ... to purposfully shrink the economy.
And the chances of that happening are?
gufpott 3 years ago