Ye Gods and little fishies: $2.78 a gallon.
I am given to understand that the Gummint, in its Infinite Wisserdom, has decided to chastise the oil companies for 'Price Gouging'.
Being a curious chap, I decided to look and see what percentage of the price of a gallon of gasoline went where.
In 2004, the average price per gallon of gasoline was $1.85.
Of that $1.85:
47% bought the crude oil.
18% was refining cost and profits.
23% was Federal and State taxes.
12% went to distribution and marketing.
Those are averaged figures, of course.
Refining cost and profits: 18% - average.
Taxes: 23% - average.
23% is okay, but 18% is gouging? Isn't that kind of bass-ackwards?
Since those are average figures from last year, let's see waht I can find out specifically for my fair State.In Texas, today, of the $2.78 I just got done paying, 20 cents was Texas State Taxes and 18.4 cents belonged to the Federal Government.
20 gallons @ 38.4 cents a gallon comes to...get my boots off here...carry the little piggy...$7.68.
While I was buying 20 gallons of gasoline, the various government offices were helping themselves to $7.68 out of my wallet.
Seven dollars and sixty-eight cents per twenty gallons.
Yeah, there may be gouging going on, but I think the gouging is being euphemistically referred to as "taxes".