Skip to comments.Crude set to fall again...surprise increase today in energy report.
Posted on 07/16/2008 7:45:33 AM PDT by LexHoskin
Fall baby fall.
2 years ago, oil was in the 70’s.
3 years ago, oil was in the upper 50’s.
It was 1998~99 when oil was around $15. There was some days where it traded below $11. Even lower in some other markets.
Thats why gas prices have not gone up as much as oil prices have.
Pretty close to concrete truth.
Just do the math. 44.2 gallons of refined product (42 gallons to a barrel) out of barrel of oil. 19.5 of which is gasoline. So at the previous high range of $145 a barrel, 42 gallons of raw material was $3.45 a gallon.
Then take a state like NY, where federal, state, and local taxes on a gallon of gas are 62 cents. So before a single drop has been refined, and before a single expense has been incurred in refining, transporting, marketing, selling, etc... the raw cost is $4.07.
It was $17.97 on Jan 17, 2002
Thanks for the data!
He was a victim of recent cutbacks due to the high oil prices.
Outrageous and very unfair. This is all the work (non-work) of the Dems in Congress! BTW, gas dropped here to $4.19 overnight, which is what it was before it hit $4.24. YOu KNOW that the 8 hour blip in the price on the futures market did not really make it to the pumps -- just some folks taking advantage of bad news.
Would that be the "Drill nothing Democrats?
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