Oil Economics
From an editorial in today's Pittsburgh Tribune-Review, "The price at the pump: It's economics:"
We begin the economics lesson by stating that the oil industry owes no motorist a gallon of gasoline at any price. It doesn't have to provide a single drop.
In Pennsylvania, the combined federal and state gasoline tax per gallon is about 50 cents. The government can, if it wishes, abolish gasoline taxes in order to help the consumer, especially the poor.
Likewise, government officials and environmentalists can lift their resistance to building new petroleum refineries and can drop objections to drilling in the Arctic and off shore.
2 Comments:
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Abolish the gasoline tax? What blasphemy! Burning fuel is a sin so it should be subject to exorbitant punitive taxes just like alcohol and tobacco. Right?
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