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.
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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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