Gas Taxes Need to Be Raised to at Least $2 Per Gallon

In 2019, BP’s Statistical Review of World Energy estimated the world had about 1.7 trillion barrels of oil left to be extracted. The US Energy Information Administration (EIA) concluded that the world consumed 92.2 million barrels per day for the Covid-19-impacted 2020 calendar year, for a total of about 35 billion barrels consumed. A standard 42 gallon barrel of oil can be refined into about 19 gallons of gasoline.

Some quick math yields just a little bit more than 32 trillion gallons of gasoline left to be refined at a use rate of about 665 billion gallons per year. ...