>>OPEC feel's one of the major problems in rising gasoline prices is the individual government's take at the pump. The Gulf Times ran an article pointing out that the UK, France and Italy pocket more than 50% of the price of a liter of gasoline as taxes. UK collects 55% tax, France and Italy are 53%. Germany 49%, Japan 38%, Canada 30% and the U.S. averages 26%. Using gasoline prices from around the world OPEC calculated that individual governments were collecting $460 billion in annual taxes while OPEC only received $410 billion for its exported oil in 2007. Gasoline prices in UK, France and Italy average about $8 per gallon after you convert liters to gallons and the local currency to dollars.
In London Mayor Ken Livingstone is trying to raise the congestion tax to $50 per day. In New York City Mayor Bloomberg is trying to launch larger congestion fees through higher tolls and add an $8 fee to drive below 60th street during daytime hours on weekdays.
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Jim Brown, OptionInvestor.com
