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This is the inevitable result of western countries taxing oil. The higher the taxes the lower the price of crude has to be for people to afford it. This means
by buckle8017 10mo ago
This is the inevitable result of western countries taxing oil.
The higher the taxes the lower the price of crude has to be for people to afford it. This means reduced western demand at high prices.
However this doesn't reduce consumption, it just shifts the consumption to the developing world, where there are minimal if any taxes on consumption.
- llmslave2 10mo agoIf only this wasn't wholly predictable...
- thaumasiotes 10mo ago> However this doesn't reduce consumption, it just shifts the consumption to the developing world This is true if production levels aren't responsive to prices, but I see no reason that would be the case. Petroleum production levels are known to be quite responsive to upward price movements.
- mr_toad 10mo agoThe producers vary production to drive price movements, not the other way around.
- fy20 10mo agoThere have been seconds order effects that have led to lower fuel consumption. Cars typically consume less fuel for the same distance driven compared to two decades ago. Part of that is increased fuel economy, part of it is smaller / more efficient cars growing in popularity.
- mothballed 10mo agoMeanwhile in most states there is no sales tax at all on silver bullion.
- themadturk 10mo agoI think it start Jan. 1 in Washington.
- roxolotl 10mo agoNot sure which western countries you’re referring to but the US has pretty giant subsidies on oil.[0][1] Of course it’s also taxed but the pro source shows that most of the subsidies are tax reductions. 0: pro fossil fuels: https://energyanalytics.org/u-s-fossil-fuel-subsidies/ https://energyanalytics.org/u-s-fossil-fuel-subsidies/ 1: anti fossil fuels: https://e360.yale.edu/digest/republican-spending-bill-fossil-fuel-subsidies https://e360.yale.edu/digest/republican-spending-bill-fossil...