Gasoline is too cheap: Getting There

Former Vice President Biden has made the argument for weaning us off fossil fuels, mostly for environmental reasons. Anybody who remotely believes in science or has witnessed the cataclysmic changes in our weather knows we must do something to stop global warming. My argument is that price of the fuel we use (gasoline) doesn’t cover the real cost to our environment (or each other) when we drive. Gasoline is too cheap. Why does a gallon of gas in the U.S. cost roughly half of what it does in Canada? Or a third of the price in Europe? The answer is taxes. Other nations put huge taxes on fuel and reinvest the proceeds into mass transit, subsidizing the fares. The oil companies get it. That’s why BP (British Petroleum) is investing in solar and wind, expecting to produce 40 percent less fossil fuels in the next decade. Wall Street also understands it, witness the more than quadrupling in the share price of electric carmaker Tesla in the last year.

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