related concerns that can worsen our global economic picture. The first is taxation. The consumers' price is very high in many developed economies, where it is in excess of $ 80 per barrel above market prices because of taxes. Excessive taxation creates a drag on consumer spending and in turn hampers economic growth. This is particularly today, when consumers should not be burdened with taxes at a time when economic growth and the end of recession hinge on higher consumer spending. The drop in energy prices from their peaks in July is essentially an injection of liquidity into consumers's pockets. Some economists calculate this injection to be in the trillions of dollars. Raising taxes today will withdraw this badly needed liquidity and further hamper today's fragile economic conditions. The second area of concern is the fallacy of energy independence, particularly when it is invoked as a means of reducing reliance on oil imported from a particular region or country. Ground is lost when countries attempt to adopt energy policies to reduce oil consumption in a discriminatory fashion in the name of efficiency, conservation or environmental protection. Indeed, such rhetoric is entirely contrary to the spirit of global cooperation on global concerns, which in the case of energy includes ensuring adequacy of future supplies and meeting the world's environmental challenges. --More
