OPEC argues that taxes on gasoline are a bigger contributor to high gas prices than the price of crude oil itself.
Taxation in various major oil-consuming countries is a significantly more important factor in determining prices at the pump than generally thought, OPEC Secretary General Haitham Al Ghais wrote in an article published on Tuesday. “Most of what you pay at the pump is taxes” is the headline of the piece published on OPEC ’s website, in which the head of the cartel reiterates his position that crude oil and petroleum products are vital for the normal functioning of the world as we know it.
915 trillion per year more based on weighted average prices from retail sales of petroleum products than OPEC Member Countries made from oil revenues. According to him, this enormous gap means that “for many consumers, taxation can be a more significant factor than the original price for crude, in feeling any pinch in their pocket at the pump.” Per the U.S. Energy Information Administration EIA, last year, when the average retail price of a gallon of gasoline was $3.
Gas Prices Taxation Oil Prices Consumers Oil Producers Revenue Crude Oil Petroleum Products U.S. Energy Information Administration
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