$8 per gallon SHOULD be the target price, provided taxation is still 70% or better of that price.
As gas prices have edged upward in the US, they have been about half what they are here for many years. Right now the winter in-city price, with a special transit levee is $6.90 a gallon. The summer price has hit $7.20 a gallon; the resulting higher transportation costs are not great. The long term effect has been that old beaters have disappeared. Because this is likely the wealthiest city in North America, we have many big urban assault vehicles.
However, as the price has climbed, the economy has not suffered and the resulting tax revenues are paying for our medical, education, and infrastructure, with a modest personal tax rate as we see here.
Resources are usually non-renewable, just because we have lots of it doesn't mean we give it away, charge full market price through staged taxation, from exploration to transportation, refining and at the pump.
But then you have to have politicians with some backbone and the ability to explain **** to the low information voter....and of course be believed. To do that they have to stop lying and your guys haven't matured to that level or something...