OPEC Claims Taxation Is a Severely Underrated Driver of Gasoline Prices

Taxation in various major oil-consuming countries is a significantly more important factor in determining prices at the pump than generally thought, OPEC Secretary General Haitham Al Ghais wrote in an article published on Tuesday. “Most of what you pay at the pump is taxes” is the headline of the piece published on OPEC’s website, in which the head of the cartel reiterates his position that crude oil and petroleum products are vital for the normal functioning of the world as we know it. “The narrative we often hear is that…