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This paper evaluates public policy options for responding to rising fuel prices. There is popular support for policies to minimize retail prices by reducing fuel taxes or providing production subsidies. But price-minimization policies are likely to harm consumers and the economy overall by encouraging transportation system inefficiency. Fuel price reductions are an inappropriate way to provide affordable mobility to low-income households ...
Rising fuel prices and the appropriate federal response : hearing before the Committee on Government Reform, House of Representatives, One Hundred Sixth Congress, second session, June 28, 2000.
This paper evaluates policy options for responding to rising fuel prices. There is popular support for policies that minimize fuel prices through subsidies and tax reductions, but such policies harm consumers and the economy overall because they increase total fuel consumption and vehicle travel, and therefore associated costs such as traffic and parking congestion, infrastructure costs, traffic crashes, trade imbalances and pollution emissions. Fuel price reductions are an inefficient way to help low-income households; other strategies do more to increase affordability and provide other benefits. Because many transport decisions are durable, low fuel price policies are particularly harmful over the long term. This report identifies responses that maximize total benefits, including mobility management strategies that increase transport system efficiency, incentives to choose fuel efficient vehicles, and revenue-neutral tax shifts. With these policies fuel prices can significantly increase without harming consumers or the economy, while helping to achieve other planning objectives.
This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
Cars are essential in modern Western societies. Some even say that our modern lifestyles would have been impossible without cars. The dependency of Western societies on our cars is a unique situation in history, but does not get much attention; car use is seen as just a normal situation. The population at large knows the risks, knows the disadvantages, experiences the advantages and keeps driving. Using data from Western Europe, this book examines three key themes: frequent car use, car dependence, and the future of passenger car mobility in societies. In conclusion, in modern Western risk societies, more attention needs to be paid to car dependence, its driving forces, its advantages, its problems and challenges for the future.