High gas prices crippling European growth
One interesting note is that taxes comprise 66% of the cost of fuel in Europe. As of 2005 gas in the U.S. carried with it federal, state and local taxes that ranged anywhere from 32.9 cents to 62.9 cents per gallon. New York’s combined gas tax is the highest in the nation at near 63 cents/gallon, which means at last week’s price of $2.914/gallon about 29%, or less than half the amount of taxes Europeans pay, went to the government.
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