So, where does British gasoline come from besides their own fields and the Middle East? Norway. Because the British pay over market value for oil, the Norwegian state oil company exports a huge percentage of oil to the British Isles. Because of Norway’s vast oil reserves, in theory, Norwegians could use their own oil at a minuscule cost to the consumer, as the Libyans and Iranians.
However, it is more profitable to sell their own oil to European countries and import Russian crude instead. This combined with gasoline taxes means you are still likely to pay about $7 a gallon at the pump in Norway. In theory, this strain on the consumer is worth it because 50.
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