Could Gas Price Jump Two Weeks Before Election Affect Results?
February 22, 2015After four straight months of falling gasoline prices, the party appears to be over for Israeli drivers – and the shock to the system is likely to be drastic, just weeks before Israelis head for the polls. Beginning March 1, gas prices are likely to rise 33 to 35 agorot per liter, to a price of NIS 6.40 per liter – equivalent to $6.21 a gallon.
And that is not the final word on the matter, as events in the US conspire to increase gas prices even more.
Israeli gas prices are adjusted twelve times a year, at the beginning of the secular calendar month, with the maximum allowed price adjusted upwards or downwards depending on how much oil costs on the market. The price of oil had been slipping in recent months, dipping below $50 a barrel, but last week it jumped to over $60.
Since then, oil prices have fallen again, which could mean a drop in the projected gas price. On the other hand, a major strike at oil refineries in the US could squeeze supplies, leaving prices higher as supply dries up and U.S. demand remains strong, the result of the extremely cold weather that has wreaked havoc in much of the US.
In any event, officials in Israel said that a price hike on gas was likely, as futures contracts have been rising in recent weeks as well. It remains to be seen what a sharp increase in the cost of gasoline will do to the mood of voters just two weeks before they go to the polls.
It should be noted that 65% of the cost of gasoline in Israel is due to taxes, both direct and indirect.
Similar posts
-
Dear World: I Don't Care
November 2, 2023By Avi Lewis I don’t care that you sympathize with Hamas I know you wouldn’t tolerate any of ...
-
Stand With Israel!
October 17, 2023Stand with Israel. Don't stand with the extreme terror organization Hamas. This is a war about huma...
-
Israel Thanks You For Your Support
October 13, 2023Israel extends its heartfelt gratitude to each and every one of you, dear friends and supporters, f...
-
How Israel Benefits the United States
October 5, 2023The relationship between Israel and the United States has been a cornerstone of American foreign po...
-
How Israel Helps Its Arab Neighbors
September 27, 2023Introduction Israel, a country known for its rich history and complex geopolitical landscape, ha...
-
The Amazing Country of Israel
September 15, 2023Introduction Nestled in the heart of the Middle East, Israel is a nation with a remarkable histo...
-
Israel Safeguards The World From Terror Attacks
August 23, 2023Introduction In an era where terrorism poses a significant threat to global security, Israel sta...
-
Israel Helps The World With Water Recycling
August 10, 2023Introduction In a world grappling with the challenges of water scarcity and resource management,...
