Not quite. The average combination of state and federal taxes on gasoline in this country is 47 cents per gallon. That in no way accounts for prices approaching $4.00 per gallon.
Nope...OPEC is not setting the high prices for oil. Crude oil has been bid up on the commodities market by investors. As the value of the dollar around the world has dropped, investors have been looking to move their money out of dollars and into commodities. One of the results has been that they are bidding up the price of crude oil and other commodities. It's the same reason that the price of wheat and other grains has been going up so much lately. In case you haven't noticed, the price of flour has gone up about 50 percent over the past six months.
The Wall Street Journal has been reporting for several weeks now -- and no one else is reporting this -- that the demand for gasoline in this country has been dropping and as it does, the oil companies have been cutting production so that the price does not decline.
Jim
this is real..
I thought most of our oil was coming from Canada?
Well, then, I guess that just about does it. After 47 posts, I see there is just no hope to EVER lowering the fuel prices. Might as well just give up and pay whatever the big gas companies demand. Apparently calling our political hacks every other day and demanding that they do something to get the prices lower is too much work. Not patronizing certain gas stations won't work either.
Yep, just no use. Guess we will just have to let our entire economy and life styles fall into the ocean.
Don't be so cynical John,
It's much better now that we are using 2 gallons of petroleum to turn food into 1 gallon of fuel that will only take us 60% an far as 1 gallon of gasoline!![]()