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Holiday In New Zealand

Guess it's not just American politicians calling for a gas-tax holiday: Now the New Zealand government is going to hold off on adding liquid fuels to its national cap-and-trade system for two years, to temper rising gas prices (the cap would've boosted gas prices up to 30 cents/gallon). New Zealand's Greens are enraged, although the prime minister insists that high oil prices are doing what a cap would've done anyway. Sure, but the point of a gas tax is that it helps the government capture some of that price rise, rather than just watch it all get funneled back to OPEC.

--Bradford Plumer