They’re rioting in France over the government’s imposition of artificial fuel scarcity.
There’s no actual shortage; the country – the world – is swimming in fuel, courtesy of new discoveries and new extraction techniques.
Parisians just can’t afford to buy it because of French President Emmanuel Macron’s “hydrocarbon tax” regime – specifically designed to make fuel unaffordable, as a compensatory measure to correct for its abundance and the low prices that would otherwise be the case.
Adjusted for inflation, the cost of gasoline is less in real terms than it was in 1965. And a huge chunk of the cost today is taxes – about 50 cents per gallon. Take that away and gas would only cost about $2 per gallon.
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Diesel fuel – despite the add-on costs of having to refine it to the nth degree in order to achieve compliance with federal Ultra Low Sulfur fatwas – is also very affordable, about $2.60 per gallon.
This, of course, is a big problem for the getting-people-out-of-their-cars agenda. Of which Macron (the Beto O’ Rourke of the French) is a leading avatar.
Which agenda had pinned its hopes on the perception of naturally rising fuel prices (also artificially created, via the withholding of oil) as the nudge they needed to get people to give up their cars voluntarily.
But the Peak Oil that’s been promised – threatened – for more than half a century never peaked.
Worse – from the standpoint of those who want to get-us-out-of-cars – is that the opposite has happened. More oil has been found. Oceans of the stuff. So much oil has been discovered that despite a more than doubling of worldwide demand, supply…