Nothing greasy about it
Disgruntled truckdrivers may have taken to the streets. Farmers, ambulance and taxidrivers may have joined them, too. But by relenting to their demands to reduce the tax on fuel oil following a sudden jump in the price of crude, the French government has set a harmful precedent. The rise in oil prices should be welcomed. Not just for the sake of the environment, but for the economy, too (see p16-25: A renewable crisis ).
Unlike the us , where neither the 1970s nor the 1990s oil shock was able to reduce reliance on fossil fuels to run the wheels of its economy and its growing fleet of gas-guzzling sports utility vehicles, petrol is heavily taxed in many countries, including several in Europe. The revenue earned is meant to promote research on alternatives and curb wasteful use of oil. Hence, the September 7, 2000, oil shock gives most nations a great opportunity to take the bull by the horns. The increase in the price of crude will mean a consequent increase in the gross tax revenue from this source. This should be used to further reduce reliance on fossil fuels