Many of us are hurting at the pumps, aka, the pump pinch.
Blaming governments isn’t exactly right.
Most of us who commute on the daily with our cars, SUVs, and trucks have not quite gotten used to high petrol prices. We, as a nation, Continent, and World depend heavily on gasoline and feel slighted by these record-high prices. Many of us think we know why prices are so high and want to point the finger at one person, thing, or company but the reality is that it’s complicated.
It’s not uncommon for us to blame governments as we know every litre or gallon of gasoline is taxed in more than one way. The fact is though that these taxes represent only a minor portion of the price paid at the pumps.
Climate Town, a very interesting YouTube channel, digs into the question of elevated gasoline prices. More specifically, in the above video, the question “who actually controls gas prices?” is addressed.
What’s great about the video is that the research is thorough and presented in an entertaining way. It’s certainly worth a watch as it debunks many of our deep-set presuppositions about pricing.
The bottom line is that you and I are responsible for the price of a gallon or litre of petrol. Oil companies are in the business to make money and so, given that we are addicted to the stuff, they’ll keep charging us for it. If we quit oil, then prices will drop, but that’s unlikely to happen any time soon.