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Do the Saudis Support a Gas Tax Holiday?
June 17, 2008 11:00 AM
The London Independent reports on various maneuvers by the Saudis on oil including King Abdullah's plan to pump up oil production to try to avoid "an escalation of social and political unrest around the world. King Abdullah signaled the commitment to the UN secretary general, Ban Ki-moon, at the weekend after the impact of skyrocketing oil prices on food sparked protests and riots from Spain to South Korea."
One interesting note from this story, as Sens. John McCain, R-Ariz.,, and Barack Obama, D-Illinois, go back and forth on McCain's proposed gas tax holiday: the Independent reports that the Saudi increase in July of an extra half million barrels a day will be coupled "with an appeal to western Europe to cut fuel taxes to lower the price of petrol to consumers."
Would this mean the Saudis would also support McCain's gas tax holiday?
And what does that mean, that the Saudis like the idea of fuel taxes being lowered?
-- jpt
June 17, 2008 | Permalink | Share | User Comments (6)
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Who cares if Oil prices go up. The cry babies need to start conserving and driving fuel efficiently cars. In the past few years i noticed allot of people driving 4 mpg SUV's wastefully to the store just to buy a can of soda. Throw away cell phones. AMERICA is a very glutinous country and needs to start conserving and maybe fuel prices rising above 7 dollars a gallon will finally wake people up.
Posted by: bad | Jun 18, 2008 3:37:01 AM
A gas tax holiday is ridiculous.
More domestic supply is what's needed.
Posted by: drjohn | Jun 17, 2008 2:07:07 PM
Controlling speculators is not going to help the prices. An oil based economy needs short term action also to help with the price of oil. As long as oil climbs the dollar will weaken.
Posted by: j | Jun 17, 2008 1:12:17 PM
The Saudis are just afraid that if they don't produce more crude oil that the price protests will continue and cause either an earlier than expected push for alternative fuel, or that people will finally get fed up and start using less and less gas.
Posted by: LOfromMO | Jun 17, 2008 12:17:37 PM
The Saudis may be saying that they're having a hard time meeting world demand. The prices may very well be a reflection of decreased supply and lowering gas taxes is the most feasible way of compensating. Afterall, oil is finite and peak production was reached some years ago.
Posted by: kat | Jun 17, 2008 11:43:21 AM
I think the SAUDI's want to sell more OIL at record prices to take more wealth from the Western Infidels.
Posted by: GEEVIL | Jun 17, 2008 11:02:17 AM
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