“But look how much they pay for gas in Europe!”

Posted by Tim Hope on 5/30/08 12:24 pm

In the midst of the latest rise in gasoline prices, one frequently hears a refrain similar to “…look how much they pay in Europe.” All too often buried in the story is a meek reference mentioning higher European taxation rates on gasoline.  Yet the difference in the magnitude of gasoline taxes between the US and Europe is significant.  A recent article in Time Magazine points out that state and federal taxes in the United States amount to roughly 11% of the pump price while in France and the U.K. taxes are over six times higher with an average of about 70% of the pump price.

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