“If the government sets a price then you can expect that it’s doing it for a reason, and that it’ll stick around,” he explained. One way to do that is by increasing gas taxes, or state and federal fees levied on each gallon of gas that fund highway maintenance, public transit, and other infrastructure projects. Gernot Wagner, a climate economist at the Columbia Business School who is currently on leave from New York University, says that in the long run, increasing oil prices could cut driving emissions - but only if prices are rising in a predictable way over the long term. ‘We are at a crossroads’: New IPCC report says it’s fossil fuels or our future.The climate case for seizing superyachts, Russian and otherwise.Is your electric utility blocking climate action?.(The cost of filling the “tank” of an electric vehicle via home charging is only around $16, compared to about $50 a tank at current gas prices.) It’s not enough for gas prices to just go up - American consumers also have to reduce their gasoline use, either by electing to use alternative methods of transportation (buses, bikes, trains) or switching over to electric vehicles. The answer, unfortunately, is complicated. Could rising gas prices change American driving enough to help curb global warming? greenhouse gas emissions, accounting for almost 30 percent of the country’s carbon footprint. Transportation is the largest source of U.S. But some have suggested that the rising cost of oil could have a silver lining. These price increases - brought about by the Russian invasion of Ukraine (Russia provides roughly 10 percent of the global supply of oil) and a continuing rebound in demand from the COVID-19 pandemic - have had deleterious effects on American consumers, who are already struggling with sky-high inflation. One Mobil station in Beverly Hills, California, made headlines when its “super” gasoline hit nearly $8 per gallon. Since January, the average retail price for gasoline nationwide has jumped by almost a dollar per gallon across the country, drivers are spending at least $12 more every time they fill up their tanks. In the past few months, fossil fuel prices have done exactly what someone who cares about climate change might want: They went up.
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