No.
Their prices are mostly taxes, ours is mostly the cost of the oil.
To give a rough example:
If you're paying $1.50 and it's $1.00 in gas and $0.50 in taxes, and the cost of the gas itself doubles (to $2.00/gallon), you go up to a total of $2.50/gallon. -- a good 75% increase in price.
If you're paying $4.00 and it's $1.00 in gas and $3.00 in taxes, and the cost of the gas itself doubles, you go up to a total of $5.00/gallon -- only a 25% increase in price.
It's one of the reasons why people in Europe don't see quite what the fuss is about. Their high taxes shelter them from the psychological and budgetary impact of a doubling fuel cost. The rising fuel costs are hidden amongst all the taxes.
