65% of that is tax, and per capita, they burn a fraction of the gas the US does. they have compact cities with great public transport, and small countries, also with great public transport. Imagine that kind of transit sys in the massive US. Would cost trillions.
Gas prices set a new record high at $3.978 a gallon - AAA Tuesday June 3, 11:11 am ET By Catherine Clifford, CNNMoney.com staff writer Retail gas prices set a record high for the 26th time in the past 27 days, motorist group AAA's Web site showed Tuesday. AAA reports the national average price for a gallon of regular unleaded gasoline rose to $3.978. That was up 0.3 cent from the $3.975 mark set Sunday and matched Monday, the first time pump prices didn't rise since May 7. The AAA survey shows gas prices are up 10% from a month ago and almost 26% higher from year-ago levels. This record runup of prices at the pump is happening at the start of the summer driving season, which unofficially began over Memorial Day. The average price for gas has passed the $4 a gallon mark in 12 states, as well as in Washington, D.C. Those states where gas has already passed the $4 threshold are as follows: Alaska, California, Connecticut, Hawaii, Illinois, Michigan, Nevada, New York, Oregon, Rhode Island, Washington, and West Virginia. The most expensive state for buying gas is California, where a gallon of regular unleaded costs an average of $4.274, according to AAA. The second most expensive state is Connecticut, where a gallon of gas costs $4.260. The least expensive state for purchasing gas is South Carolina, where a gallon costs $3.795 a gallon on average. The second least expensive state for gas is Missouri, where a gallon runs $3.80 a gallon. Gas prices have been pushed to record levels in the past year on the back of record oil prices. As the price of crude oil has more than doubled, gas prices have increased by almost a quarter.
Are you kidding? There are near riots in India because the government backed off of their subsidies by 10-12%...
Oil soars on $150 per barrel July 4 prediction Friday June 6, 9:30 am ET By Pablo Gorondi, Associated Press Writer Oil prices blow past $134 on prediction that oil will hit $150 per barrel by July 4 Oil is trading above $134 per barrel on an analyst prediction that prices could hit $150 by July 4. Prices jumped $6.43 Friday shortly after Ole Slorer of Morgan Stanley released a report saying he expected a "short-term spike in oil prices," on the back of rising demand in Asia, Dow Jones Newswires reported. By the afternoon in Europe, light, sweet crude for July delivery was up $6.43 to $134.22 in electronic trading on the New York Mercantile Exchange. On Thursday, the contract rose $5.49 -- its biggest single-day price increase in Nymex history -- to settle at $127.79 a barrel. Larger one-day percentage jumps have taken place in the past.
Lots of negative subsidies (mineral oil taxes) in Europe and still no riots. And to all those pointing out the differences in infrastructure, geographical composition and public transport. Who says the US can't evolve? If there is one single flexible and transformable economy in the entire world then it's the US. Who says within a decade the US can't transform its economy to become far less crude oil import dependent much like it has changed from the 60s/70s to the 90s from a manufacturing based economy to a service based one.
this would be a good time for Bush-II to show his leadership.... since it seems anyone complaining about the economic impact and destruction of life as most Americans know it, due to the unfettered rise in the price of oil, and how it is causing people on the ground to rethink everything about their ways of life, whether being a soccer mom and taking a trip to the grocery all the way to whether or not the police / fire trucks will roll on emergencies.... since anyone complaining of pointing out the negetive deliterious effects is being smeared with some socialist, communist name calling by those in support of these conditions, then, a simple solution would be for Geo Bush II to show his commanding, authoritative leadership and get out in front of this "thing" hey, after all, isn't he an Oil Man? hey, after all, isn't this what these last 8 years were all about anyway? hey, after all, with stocks going up, oil going up, with stocks going down, oil going up, hey, after all, isn't this what the Texas Delegation has wanted all along?