Rarely mentioned, the revenue generated by gasoline taxes in the U.S. and Europe has been affected by the coronavirus pandemic.
Since gasoline prices vary in the U.S. because of different state taxes and wholesale crude, the impact on consumption expenditures also is different.
Subsidies and taxes determine the price of gasoline. Whether gasoline is cheap or expensive, its price affects people’s incentives and national tradeoffs.
Why is the average price of a gallon of regular gasoline in Wyoming close to $3.36 and New York, $4.00? Location and regulation. Wyoming produces oil, it refines it, and, its taxes are among the lowest in the country. Also…