King Arthur Movie Tristan

Yesterday I focused on Germany. Today, the rest of Europe. Again, my source information is from the International Council for Capital Formation. Much of what they say in the reports on other European countries is repetitive, but you can read the reports yourself: UK; Spain; Italy; Summary. However, here's a numerical overview of the reports.

UK:

Gas Price: 2010 - 7.4%; 2020 - 9.3%; 2025 - 10.3%
Diesel Price: 2010 - 8.8%; 2020 - 10.9%; 2025 - 12.1%
Heating Oil Price: 2010 - 44%; 2020 - 55.4%; 2025 - 60%
Natural Gas Price (Industrial Sector): 2010 - 46.5%; 2020 - 56.8%; 2025 - 62.4%
Electricity Price (Industrial Sector): 2010 - 34.9%; 2020 - 34.1%; 2025 - 37%

% Decline in GDP: 2010 - 1.1%; 2020 - 1.7%; 2025 - 2.5%
Can$ Decline in GDP: 2010 - $33.6B; 2020 - $65.1B; 2025 - $109.5B
Employment Decrease: 2010 - 336,000; 2020 - 547,000; 2025 - 673,000

Spain

Gas Price: 2010 - 10.7%; 2020 - 13.4%; 2025 - 14.7%
Diesel Price: 2010 - 14.1%; 2020 - 17.6%; 2025 - 19.3%
Heating Oil Price: 2010 - 32%; 2020 - 40%; 2025 - 44%
Natural Gas Price (Industrial Sector): 2010 - 41%; 2020 - 51%; 2025 - 56%
Electricity Price (Industrial Sector): 2010 - 23%; 2020 - 26.5%; 2025 - 26.2%

% Decline in GDP: 2010 - 3.1%; 2020 - 4.5%; 2025 - 5.6%
Can$ Decline in GDP: 2010 - $39B; 2020 - $70.8B; 2025 - $96B
Employment Decrease: 2010 - 611,000; 2020 - 785,000; 2025 - 708,000

Italy

Gas Price: 2010 - 8.2%; 2020 - 10.4%; 2025 - 11.5%
Diesel Price: 2010 - 11.1%; 2020 - 14.1%; 2025 - 15.6%
Heating Oil Price: 2010 - 11%; 2020 - 14%; 2025 - 15%
Natural Gas Price (Industrial Sector): 2010 - 43%; 2020 - 53%; 2025 - 58%
Electricity Price (Industrial Sector): 2010 - 12%; 2020 - 14%; 2025 - 15%

% Decline in GDP: 2010 - 2.1%; 2020 - 2.8%; 2025 - 4%
Can$ Decline in GDP: 2010 - $41.3B; 2020 - $65.1B; 2025 - $98.6B
Employment Decrease: 2010 - 221,000; 2020 - 305,000; 2025 - 433,000

(Note: Italics are mine, and designed to improve readability, not provide emphasis).

The real shock in the numbers is dollar decline in GDP, and employment numbers. Spain particularly already has an 8.5% unemployment rate, and is forcasted to increase between 3 and 4%.

Another note in these surveys is there is an assumption that "due to high taxes already in place on transportation fuels, the percentage change in price due to the addition of the carbon permit fees is less than the change in price in other sectors." In other words, the gas price is so high that a large increase does not appear large, percentage wise.

Note that Spain has the highest percentage jump in gas price. Thats because they have the lowest price of the countries, about $1.00/US Gallon cheaper. Canada, on the other hand, is about half the price of Spain and our gasoline prices would have to more than double (100+% increase) to catch up to Spain post-Kyoto.