It's time to take a serious look at our country's federal gasoline tax. According to the New York Times, it's been set at 18.4 cents per gallon since 1993. This is FAR lower than any other industrialized nation. The article also points out that according to the International Energy Agency, America's overall gas taxes in August averaged just 40 cents per gallon while Britain and Germany were at $4.24 and $3.99, respectively.

Over the past 13 years a lot has changed. Just look at the Consumer Price Index (CPI). It has gone up 59.4 points during that time, meaning what would have been priced at $1.45 in 1993 would cost $2.04 today. Yet, the federal gas tax has remained rock steady. Earlier, Mike pointed out that the U.S. only consists of about 5 percent of the global population and yet consumes 25 percent of its oil, two-thirds of which is used for transportation. What happens when the rest of the world starts asking for its fair share? Peak oil, anyone?

There's more, like right-wing support and a touch of Pigovian economics, after the jump...