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With crude oil hitting a four-year high recently, filling up your car isn’t getting cheaper anytime soon.
According to a Georgia Tech energy economist, the price you pay at the pump comes from four things: crude oil, refining, distribution and marketing, and taxes.
Politicians have pushed for temporary gas tax holidays as a form of relief for drivers, but studies actually show consumers only see a portion of the savings, with oil companies and retailed keeping the rest.
Gas tax holidays serve only one group very well: the petrochemical industry … that is already making record profits off the crisis.
They split the difference and pocket the difference, yes, but tax holidays relieve the pressure to change, keeping people in gas hungry vehicles and modes of transport… as much as anything this guarantees their future business.
It doesn’t help ordinary people much, who remain vulnerable to the next price shock.
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