Fast-rising gas prices set records in 2 states

USA Today ^ | 3/2/04 | James R. Healey

[N. Theknow]

$1.729 for Regular in Connecticut.

Includes: $0.34 State tax per gallon.

Includes: $.018 Federal tax per gallon.

Includes: an additional 5% state sales tax for the total sale.

AND The 5% state sales tax is on the sale WITH the state and Federal tax.

Actual price for gasoline: $1.12

Other interesting tax rates: Click here for a listing by state for Sales, Gasoline, Cigarette, Spirits, Table Wine and Beer taxes.

[N. Theknow]

Includes: $.018 Federal tax per gallon.

Should have been $0.184 Federal tax per gallon.

As they say in southern France: " Welll, Excussays MO-I!

[reformedliberal]

I think of it in terms of how many minutes I have to work per gallon.

[Brilliant]

Breaking records? Don't see how it could be worse than in '73.

[RightWhale]

Food prices are in lockstep with fuel prices. Neither is coming down soon. Probably both will quadruple within 10 years.

[Kaslin]

Being that the left says we went to Iraq just for the oil it seems gas prices should be down to $.60 per gallon

[Kay Soze]

Agreed.

But what's troubling to me is just how quickly inflation / prices have caught up during the W administration.

When stupid Bubba was king gas was half as expensive.

[Kay Soze]

Of Course Bubba aint in the OIl industry!

[Fury]

Food prices are in lockstep with fuel prices. Neither is coming down soon. Probably both will quadruple within 10 years.

Food I can deal with. Gas (in my case, diesel) is more problematic.

But states are desperate for revenue. Living in NY (in the country - never even been to NYC), I can state with confidence that the state will eventually be looking to raise gas taxes and any other tax to cover their budget shortfalls.

[tnlibertarian]

Of Course Bubba aint in the OIl industry!

You’re not really blaming Bush for high gas prices, are you? Economically, this increase in pump price is easily explained. OPEC tightened the supply which resulted in an increase in crude oil prices. Refineries, seeing the rise in crude oil price, slowed their production. Distributors and retailers are now buying the refineries reserves, resulting in a decrease of supply. Econ 101 teaches us that a decrease in supply, while demand remains constant, will result in an increase in price. In two to three weeks, the refineries will have to begin to purchase crude oil regardless of whether or not the price has decreased, because their reserves will begin to run low. This increase in production, even at an increased production cost due to the price of crude, will result in an increase in supply and a decrease in the price at the pump. Now, if you can tell me how Bush is doing this to make some money for his cronies, I will be interested.

[RightWhale]

Born in NY. Last time I was there, even though I grew up in upstate NY, various places, I found the sales tax to be a killer. I doubt anyone in the state is listening to anyone else.

[Kay Soze]

Yes I am blaming Bush for not doing anything to bring down fuel prices.

What "pressure" is W using to have OPEC increase production?

Given how heavily indebted W is for countries looking the other way to confiscate the magical WMDS in Iraq he is incapable of representing the US in international trade issues.

At a meeting last month our Washington lobbyist ( Yes we have a full time professional lobbyist!) told us that Bush is so indebted to foreign nations for the war in Iraq that as long as Bush is President US companies are wasting time to lobby for help against foreign competitors.

[tnlibertarian]

Just what type of pressure would you like to see W apply? Do we threaten the OPEC nations with force? At least then the ‘No Blood for Oil’ folks would be intellectually honest. You are getting close to sounding like the people that blame Bush for the lack of jobs and the drop in their 401k’s. ‘My gas is too high and my President won’t fix it for me.’ I’ve read enough of your posts to know that you don’t believe that government is the solution to all of our problems, so I don’t understand why you think it is for this one. I know OPEC is far from free trade, but they are the game we have to play. Even OPEC isn’t immune to the forces of economics. With the refineries not buying a lot of oil right now, OPEC will eventually feel the bite. Even if they don’t, why do you think that government interference is the right thing to do? The Middle East countries own the oil. We need it. If they want to sell it for so much per barrel, who are we to force them to sell it for less?

[Syncro]

$1.729 for Regular in Connecticut.

Includes: $0.34 State tax per gallon.

Includes: $.18 Federal tax per gallon.

Includes: an additional 5% state sales tax for the total sale.

AND The 5% state sales tax is on the sale WITH the state and Federal tax.

Actual price for gasoline: $1.12

One Who Knows...oops sorry...In The Know:

I corrected your blooper about the Fed tax in your original reply. Just so you are N. Theknow about that. :>)

What really gets me is that the states tack on their sales tax (Here in California it is anywhere between 6.5 to 8.5%) on to the price of gas, including the fed and other state taxes.

That is patently unfair, and should be (maybe it is?) illegal.

I don't think it is fair or right or lawful to charge us a tax on a tax.

So in your illustration purchasers pay a 5% tax on 42 cents of other taxes!

Where is the law that says that states and fed gov can tax us on taxes????

Ludicrous.

[aShepard]

I did a little Googling on crude oil

Date......Future$/bbl...Stock on hand\Mbbl
3/1/01.......27.62.......277315
3/1/02.......22.40.......320549
3/1/03.......35.88.......269757
3/1/04.......36.86.......275782

So, with a 44 gallon barrel of refined crude yielding 19.5 gallons of gasoline (plus all the other petro stuff) the year over year price of a gallon of gas, based on the crude oil content is $.05. And, there is slightly more stockpiles this year than last.

With inflation and wages stable, the refining cost should be similar, distribution cost should be similar, there have been no new Federal gas taxes, and there's lots of competition at the pump.

??So what's jacking up the price of gasoline?? There's got to be some gouging along the way!

[humptydumpty]

Here's an idea we could all live with.
Dont your gas form the Big guys / Exxon/Mobil, Texaco/Shell, Chevron, etc etc. Buy from the independents for lets say, a week or two. After a couple of weeks of " no sales" the Big Guys will now have to come down on their price. It has worked regiohnally in certain areas of the U.S. in the past and would surely work now. If we dont try this, then the Gov't will only procrastinate, and put off fixing it. There is plenty of Gasoline- dont let anyone tell you otherwise.

[been_lurking]

There's got to be some gouging along the way!

If you choose to define "gouging" as charging what the market will bear, then I guess all consumer product pricing is the result of "gouging".