Could Be A Lot Worse. It Is A LOT Worse in Europe.
Retail Gas Prices
CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Thursday, May 08, 2008
About Me
- Name: Mark J. Perry
- Location: Washington, D.C., United States
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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8 Comments:
Will the US price be at $6 to $7 per gallon by fall?
I don't understand why European countries have both outrageously high gas taxes and new CO2 emissions standards. Aren't they essentially the same thing? On top of that, England imposes higher annual taxes based on CO2 emissions, and Ken Livingstone wanted to make London's cordon tax even higher depending on the CO2 rating of your vehicle.
Professor Perry, I appreciate the graphs comparing gas prices to historical prices in the US and current prices in Europe. I get it. It could be a lot worse. But, it could be a lot better if fiscal policies did not put so much downward pressure on the dollar OR if domestic oil production and refining capacity restrictions were lifted OR speculators were not driving the price up OR the government did not tax the he!! out of it OR politicians did not actually believe a price break could be achieved by taxing oil companies. So, I just don't get a great feeling from knowing that it has been worse in the past in the US or is worse in other places around the world. Call me a spoiled American I guess.
Will the US price be at $6 to $7 per gallon by fall?
Doubtful, but if the Democrats win the Presidency they'll push Euro-style anti-car measures like high gas taxes, and spend the cash on wasteful boondoggles like public transit.
This is an apples to oranges comparison.
Europe is not nearly as spread out as the USA is, and public transportation is much more prevalent.
In the USA, unless you live in a major metropolitan area, you HAVE to drive.
Not so in much of Europe.
Dave Narby your argument doesn't make sense to me..you said "Europe is not nearly as spread out as the USA is, and public transportation is much more prevalent." So how would this account for the high prices? It seems that since demand would be a lot lower in Europe (because of options, shorter driving times, and the higher prices) which in turn would lower the gas prices.....please explain. Seems to me that it should be the exact opposite between us and Europe.
I find it amusingly ironic that the worst prices are in the Netherlands, home of (or former home, perhaps) of Shell Oil.
> Seems to me that it should be the exact opposite between us and Europe.
ROTFLMAO...
Loosely paraphrasing The Graduate:
TAXES me boyo -- Taxes.
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