High and volatile energy prices have driven the regulation of commodity financial markets to the forefront of the U.S. and G20 policy agendas. Integrated commodity markets require international policy coordination, but not all domestic and international policy initiatives are equally desirable.

Michael A. Levi and Daniel P. Ahn say, "If lawmakers decide to go ahead with further deficit reduction, they would be remiss not to take a hard look at higher oil taxes as part of the deal."

Taxes on oil consumption have long been a legislative third rail, yet concerns about the national debt may soon change that political calculus. Daniel Ahn and Michael Levi demonstrate that energy taxes can reduce the national debt and improve economic performance, all while reducing U.S. oil consumption.

Prices at the pump are emerging as a significant U.S. election issue. Five experts offer a range of policy options, from lowering regulations to encouraging less consumption.