TW: Completely agree with Avent. We all know oil prices will rocket up when demand recovers thereby enriching our close friends in the Middle East, Venezuela, Russia and Texas. We know we send thousands of troops some of whom will die or be maimed to far away places to protect our supplies. Yet the odds of Avent's suggestion being implemented. Greater than zero but less than likely.
From Ryan Avent blog (this dude was a very good blogger at Economist, took the top financial blogging job at Portfolio magazine which then proceeded to close two weeks later...bummer) :
"The global economy is likely to contract this year, and yet oil prices have risen back to $55 per barrel. If this keeps up, the price of oil is going to be a significant constraint on household budgets, and therefore on recovery. Why not pass a substantial increase in the gas tax, to take effect in 2011? That would be a good way to 1) push people away from gas-intense activities beginning now, 2) spur investment in more efficient automobiles and homes near transit or walkable neighborhoods, and 3) raise badly needed revenue down the road. Address the problem before it’s wreaking havoc!"
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