Subject category:
Economics, Politics and Business Environment
Published by:
IBS Case Development Center
Length: 8 pages
Data source: Published sources
Topics:
US gasoline taxes; Fuel consumption in US; Petro-dollar shipping from US; US dependency on Middle East for fuel; Petroleum bill of the US; Corporate average fuel economy (CAFE); Progressive and regressive taxes; International fuel prices; The affect of higher oil prices on US economy; Inflation adjusted gasoline prices in the US; Incidence of tax; Growing oil consumption in US
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Abstract
The US imports 11 million barrels of fuel every day, which constitutes 55% of its total consumption. This over dependency makes the US economy vulnerable to the fluctuating international fuel prices as every penny increase in the oil prices sucks out a billion dollars from the economy. Besides, historically any surge in crude oil prices in the international market has pushed the US economy into recession. Although economists have been advocating higher gas taxes for a long time, politicians fearing any move in that direction to be suicidal, have not addressed the issue. This case provides insights into the economies and diseconomies of higher gas taxes in the US.
Location:
Other setting(s):
2004
About
Abstract
The US imports 11 million barrels of fuel every day, which constitutes 55% of its total consumption. This over dependency makes the US economy vulnerable to the fluctuating international fuel prices as every penny increase in the oil prices sucks out a billion dollars from the economy. Besides, historically any surge in crude oil prices in the international market has pushed the US economy into recession. Although economists have been advocating higher gas taxes for a long time, politicians fearing any move in that direction to be suicidal, have not addressed the issue. This case provides insights into the economies and diseconomies of higher gas taxes in the US.
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Location:
Other setting(s):
2004