Posted on 5/12/2004, 6:05:30 PM by 1Old Pro
NYMEX Gasoline Hits All-Time High
Wednesday May 12, 12:26 pm ET
NEW YORK (Reuters) - NYMEX gasoline futures soared to another all-time record high Wednesday after the U.S. government reported a drawdown in gasoline stocks last week, further raising fears of supply shortages with the peak summer driving season just weeks away.
NYMEX gasoline for June delivery (HUM4) hit $1.3480 a gallon, besting the previous record of $1.3420 struck only last Friday. Traders said buy stops were triggered as the contract hit $1.3420.
The U.S. Energy Information Administration said gasoline stocks declined 1.5 million barrels to 202.5 million barrels in the week to May 7. Demand shot up to 9.37 million barrels per day from 8.9 million bpd in the week to April 30, it added.
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Sheesh, $1.34 a gallon is like giving gasoline away. Instead of being mad at OPEC, the environuts who won't let us build refineries, perhaps we should be mad at Federal and State governments who spend like drunken sailers and are taxing us to death.
If I pay $2500 a year in school and property taxes and school taxes go up 6-8% a year to pay off the teachers unions, I should be more upset with teachers unions than slightly higher gas prices. If gas has gone up 10% in the last 3 years it's not exactly skyrocketing.
Do the NYMEX futures include state and federal taxes? Just curious.
No, taxes are charged at the retail level, not the wholesale, just like other products.
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The wholesale price, then, means little to me, since here in NC I pay a total of 0.43/gal federal and state taxes.
No
American Petroleum Institute: Policy Analysis and StatisticsMay 10 Pump Price Update
The nationwide average retail price for all types of gasoline increased by 9.5 cents per gallon last week, averaging $1.979 per gallon as of May 10, 2004. Prices are 47 cents per gallon higher than they were in mid-December 2003, and 44.5 cents per gallon more than at this time a year ago.
In inflation-adjusted* 2004-dollar terms, today’s price is low compared to the historical record of pump prices over the last 86 years. In fact, motor gasoline prices are 29 percent lower than the 1981 high of $2.79 per gallon. Between then and now, the real cost of motor gasoline to consumers has fallen by $0.81 per gallon. This decline can be attributed largely to lower crude oil costs, but manufacturing, distribution, and marketing costs are lower as well.
Crude oil costs have declined by $0.91 per gallon from $1.73 per gallon in 1981 to $0.82 per gallon by May 2004. The combined cost to manufacture, distribute, and market gasoline is 3 cents per gallon less today than it was two decades ago, averaging $0.73 per gallon compared to $0.76 per gallon in 1981.
Only taxes have increased. In May 2004 the taxes collected on a gallon of gasoline amounted to 42.7 cents, including 18.4 cents per gallon in federal taxes, and 24.3 cents per gallon in volume-weighted average state taxes. In comparison, when real pump prices were at their high in 1981, taxes were just 30 cents per gallon.
* In order to make price comparisons over time, it is necessary to factor in inflation. For example, in 1981 motorists paid $1.35 per gallon for gasoline. Due to inflation, this is equivalent to spending $2.79 on a gallon of gasoline today.
We're just so dumb that we'll pay the prices they charge. Simple.
I'm buying a motorcycle. Simple.
The media excludes this fact because it gets in the way of their anti-Bush diatribes and hype.
Suspend the tax for 6 months to keep job growth and military spending healthy.
That's why I'm buying a motorcycle.
The less gasoline I use, the less gasoline they sell, the more the price goes down due to supply and demand.
From post#10 ... manufacturing, distribution, and marketing costs are lower as well.
WHO KNOWS what the exact amount of the gas tax per gallon is? There's probably a Federal and State component. The Federal Government should give us a 6 month moratorium on the tax to help the economy and the troops.
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