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California gasoline prices set to plunge as spike ends
Reuters ^ | Mon Oct 8, 2012 8:49pm EDT

Posted on 10/09/2012 7:45:45 AM PDT by chessplayer

(Reuters) - The unprecedented price spike that added more than 50 cents a gallon to California pump prices last week ended as quickly as it began, market analysts said, and consumers should see prices fall dramatically in the coming week.

(Excerpt) Read more at reuters.com ...


TOPICS: News/Current Events; US: California
KEYWORDS: californiagas; gasprices; gasspike
How convenient for His Sublime Greatness.
1 posted on 10/09/2012 7:45:50 AM PDT by chessplayer
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To: chessplayer

When have you ever seen a headline like this. LOL


2 posted on 10/09/2012 7:47:43 AM PDT by skeeter
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To: chessplayer

Indications elsewhere are another record was set today. We’ll see.


3 posted on 10/09/2012 7:48:12 AM PDT by John W (Viva Cristo Rey!)
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To: chessplayer
Yeah! Gov Jerry "Moonbeam" Brown finally admitted unwittingly that when supplies are plentiful prices go down. But the illegals and dupes will vote democrap anyway
4 posted on 10/09/2012 7:54:54 AM PDT by notaliberal
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To: skeeter

I’m sure that prices suddenly falling just before the election is just a coincidence. sarc/


5 posted on 10/09/2012 7:57:08 AM PDT by chessplayer
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To: chessplayer
California gasoline prices set to plunge as spike ends

And now, the weather. Warm weather set to end as temperatures drop.

6 posted on 10/09/2012 8:00:00 AM PDT by Disambiguator
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To: chessplayer


7 posted on 10/09/2012 8:07:15 AM PDT by thackney (life is fragile, handle with prayer)
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To: chessplayer; ding_dong_daddy_from_dumas; DoughtyOne; Gilbo_3; Impy; stephenjohnbanker; NFHale; ...
RE :”California Governor Jerry Brown's decision on Sunday to allow an immediate switch to “winter-blend” fuel was a big factor in driving wholesale prices down by 60 cents a gallon on Monday, market participants said.
“Retail prices will come down as hard as they went up,” said David Hackett, president of Stillwater Associates, an energy consultancy in Irvine, California. “It went up 56 cents in a week, it will come down that fast.”
The price spike alarmed consumers and politicians across a state that is famous for its love of the automobile. Senator Barbara Boxer on Monday called for a Department of Justice investigation into possible price manipulation in gasoline trading markets. Senator Dianne Feinstein on Sunday made a similar request to the Federal Trade Commission.

Jerry Brown and those Greenie CA liberals put GAS prices (before an election) ahead of the environment? This is hard to believe. What about our planet? Isnt it getting warmer, err colder, err more hurricanes, more snowstorms, ?? Any weather we hate?

Wont half the country be under Ocean water in a few years? just for a 60 cents or so per gallon? Oh the shame.

8 posted on 10/09/2012 8:10:29 AM PDT by sickoflibs (Romney is still a liberal. Just watch him. (Obama-ney Care ))
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To: chessplayer

Yep... skittles and Unicorns are just around the corner.

LLS


9 posted on 10/09/2012 8:15:21 AM PDT by LibLieSlayer ("If it looks like you are not gonna make it you gotta get mean, I mean plumb mad-dog mean" J. Wales)
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To: chessplayer

“I’m sure that prices suddenly falling just before the election is just a coincidence. sarc/’

Dun’t Matta’ ‘cause I be voten’ fo’ Obama any way!


10 posted on 10/09/2012 8:25:18 AM PDT by Iron head mike (The government will soon make criminals of us all.)
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To: sickoflibs; chessplayer; ding_dong_daddy_from_dumas; DoughtyOne; Gilbo_3; Impy; ...

California is switing to “winter blend” about 3 weeks early.

if Obama tries to”play” this, Romney can rip his head clear

off.


11 posted on 10/09/2012 8:29:01 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: chessplayer

Yesterday Di Fi was calling for an investigation.

They always strategically do this whenever prices peak. So that when they start falling they can claim credit. “We called out those Eeeeeeevil oil jerks. When we started investigating they knew the jig was up!”


12 posted on 10/09/2012 8:30:25 AM PDT by Buckeye McFrog
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To: chessplayer

The simplest way to get gas prices to drop at the pump is to suspend the federal tax on each and every gallon sold. We all know that the feds make way more money on gas than the oil companies do, just like the feds make more money off cigarettes than the tobacco companies do.

When it comes to greed, no one beats the feds.


13 posted on 10/09/2012 8:48:50 AM PDT by Two Kids' Dad (((( ))))
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To: chessplayer

I am a big fan of Ed Wallace. He explained Saturday why there was gas shortage in Ca.

http://www.insideautomotive.com/


14 posted on 10/09/2012 8:49:42 AM PDT by hadaclueonce (you are paying 12% more for fuel because of Ethanol. Smile big Corn Lobby,)
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To: hadaclueonce

where? you just dumped us onto his site.


15 posted on 10/09/2012 10:34:51 AM PDT by NonValueAdded ("Why not eliminate the middle man and have whoever feeds Obama his lines debate Romney directly?")
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To: sickoflibs

The special blends in California probably do get sold on the premise that they’re better for the environment, but the important goal is to burn cleaner during the warmer months of the year, thus reducing smog.

A lot of progress has been made in reducing visible smog. The AQMD smog alert days have been reduced significantly. That’s not to say there isn’t still a problem, because there is, but it’s a lot better than it used to be.

In the early 70s, I worked on Foothill in La Canada, California. I remember looking across the street in those days, and we’re talking 50 or 60 yards, and being able to see smog between myself and the buildings across the wide street.

I haven’t seen days like that in over two decades.

I’m no enviro weenie, but the inversion layer around L. A. can form a thermal trap that can and has caused the air to be very unhealthy. Something had to be done, and the special blends did seem to have a great impact.


16 posted on 10/09/2012 11:24:57 AM PDT by DoughtyOne (Obama got Mitch-Slapped in that first debate. 70% to 19% (Gallop)? That's going to leave a mark.)
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To: chessplayer
Photobucket
17 posted on 10/09/2012 11:44:40 AM PDT by Fast Moving Angel (A moral wrong is not a civil right: No religious sanction of an irreligious act.)
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To: Two Kids' Dad
When it comes to greed, no one beats the feds.

California does.

The federal tax on gasoline is 18.4¢/gallon.

The state taxes add up to 51.3¢/gallon as of Oct 1st, 2012.

Source:
Gasoline & Diesel Motor Fuel Taxes
http://www.api.org/Oil-and-Natural-Gas-Overview/Industry-Economics/~/media/Files/Statistics/gasoline-diesel-summary.ashx

All states shown at link

18 posted on 10/09/2012 11:52:03 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney
And add on to that the 7.25 to 9.25% California sales tax and it raises about 30 cents or more per gallon depending on the price at the pump.

Plus the sales tax not only is on the price of gasoline, but on the other taxes already added in. Highly illegal.

19 posted on 10/09/2012 2:41:00 PM PDT by Syncro (The Tea Party is Dead!--MSM/Dems LONG LIVE THE TEA PARTY!)
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To: Syncro
And add on to that the 7.25 to 9.25% California sales tax and it raises about 30 cents or more per gallon depending on the price at the pump.

Actually, that was inclusive of the sale tax applied to gasoline in California.

The Gasoline Sales Tax was revised to 2.25% not long ago.

GasBuddy.com shows the excise tax to be 35.3¢/gal and other taxes to equal 15.2¢/gal to include sales tax. “Other Taxes” columns include a 2.25% state sales tax for gasoline and at least a 1.25% local sales tax for various counties in the state for diesel. The tax rate applied is a weighted average based upon county populations. A 2 cpg state UST fee is also included.

http://gasbuddy.com/Tax_Info.aspx

Because of the percentage basis of California's gasoline taxes, there is some variation between sources depending on the date they calculated the tax.

20 posted on 10/10/2012 5:22:12 AM PDT by thackney (life is fragile, handle with prayer)
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To: Syncro

Further breakdown by week of California Gasoline Taxes can be found here:

http://energyalmanac.ca.gov/gasoline/margins/index.php


21 posted on 10/10/2012 5:24:07 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney
Thanks for the info thackney, and the links.

Hmmm, I always thought the sales tax charged here in Calif was the full State amount, 7.5 or so. Seems it is less than that.

So are they starting early with the winter fuel, and do you think that will lower the price at the pump.

My SUV is on empty, and I want to wait too put any gas in so I can save some money.

22 posted on 10/10/2012 11:49:42 AM PDT by Syncro (The Tea Party is Dead!--MSM/Dems LONG LIVE THE TEA PARTY!)
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To: Syncro

I heard today that Calif adds 62 cents of sales and road tax to every gallon...


23 posted on 10/10/2012 12:26:42 PM PDT by tubebender (Evening news is where they begin with "Good Evening," and then proceed to tell you why it isn't.)
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To: Syncro

According to this page, it changed to 2.25% effective July 2010, not that long ago. Other related changes since 1990 also listed.

http://energyalmanac.ca.gov/gasoline/gasoline_taxes.html

Other related changes since 1990 also listed.


24 posted on 10/10/2012 1:02:25 PM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

California statewide sales tax is 7.25%...looks like a typo on the graphic. California charges this sales tax on the total with Federal & other CA taxes...so they are “taxing a tax”! Also, there are county/city “add-ons” to the sales tax, Fresno Co. (home of FR) has a sales tax rate of 7.975%.

http://www.boe.ca.gov/sutax/pam71.htm


25 posted on 10/10/2012 11:24:40 PM PDT by Drago
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To: John W
The cheapie station at the corner of Hill Street and West Vista Way in Oceanside dropped from $4.73 to $4.58 today for regular grade. And to think when we got here 10 days ago, we paid $4.12 and thought that was high.

I hope prices drop soon. We're here on a month's vacation in our motorhome. We might have to cash in an IRA to buy enough gas for the Winnebago to get us to the Arizona border.

26 posted on 10/10/2012 11:35:34 PM PDT by RightField (one of the obstreperous citizens insisting on incorrect thinking - C. Krauthamer)
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To: Drago

After reading more, it is more complicated...due to something called the “Fuel Tax Swap”...you pay 2.25% of sales tax at the pump, but an additional 5% is built into the “state excise tax”?? I need a lawyer to decipher it!!


“...Beginning July 1, 2011, the partial exemption applied to 5 percent of the statewide sales and use tax rate. Because the statewide rate decreased by 1 percent on this date, the retail sales on or after July 1, 2011, will still be subject to sales and use tax at the rate of 2.25 percent plus applicable district taxes.

Additionally, beginning July 1, 2011, the state excise tax on motor vehicle fuel increased by .4 cents ($0.004) per gallon. Therefore from July 1, 2011, to June 30, 2012, the state motor vehicle fuel excise tax is 35.7 cents ($0.357) per gallon. Aviation gasoline will continue to be subject to the original state motor vehicle fuel excise tax of 18 cents ($0.18) per gallon and remains exempt from sales and use tax.”


http://www.boe.ca.gov/sutax/gasswapfaq.htm#2

Suffice it to say that we are paying a cr**load of state taxes (at least 35.7 cents) on auto fuel...plus Federal taxes of course!


27 posted on 10/10/2012 11:40:06 PM PDT by Drago
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To: Drago
California statewide sales tax is 7.25%...looks like a typo on the graphic.

California also has a special sales tax rate of 2.25% on motor gasoline.

http://www.boe.ca.gov/sutax/gasswapfaq.htm#1

What is the Fuel Tax Swap?

The Fuel Tax Swap provides for a combination of lowering the sales and use tax rate applicable to sales of motor vehicle fuel, excluding aviation gasoline, and simultaneously raising the state excise motor vehicle fuel tax, effective July 1, 2010.

Additionally, the Fuel Tax Swap raises the sales tax rate applicable to sales of diesel fuel and simultaneously lowers the state excise tax on diesel fuel, effective July 1, 2011.

The BOE is required to adjust the excise tax rates for both motor vehicle fuel and diesel fuel annually so that the total amount of tax revenue generated is equal to what would have been generated had the sales and use tax and excise tax rates remained unchanged.

28 posted on 10/11/2012 11:56:35 AM PDT by thackney (life is fragile, handle with prayer)
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