Quote:
Originally Posted by Martinjlm
Price of oil is GLOBAL. POTUS and Congress have zero influence. Today it is $114/bbl. For everybody. No matter where you live.
Cost to convert to gasoline sits with the petroleum companies. Very little influence by POTUS or Congress. And that impact tends to be long-term (several years forward), not short term (months).
Federal gasoline tax is $0.18. That is one lever Congress can pull. I’ve never seen it happen.
State gasoline taxes vary wildly. Michigan is $0.27 and there is discussion of waiving it during the Russian invasion of Ukraine. California is at $0.51. Pennsylvania is the highest at $0.587.
So, basically, Federal and State government (the people I can vote for or against) impact on MY gas prices totals $0.45. Other states will have different tax loads, but the highest would be Pennsylvania at $0.767. So where’s the rest of the price at the pump?
The rest is global price of oil (US governments have no affect here) and whatever profits the petroleum companies decide they need to make this quarter. Makes me wonder…is anyone pressuring the oil companies to maybe settle for a little less profit for a quarter or two to help out the common consumer? If so, I haven’t heard about it.
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Spot on
FYI, oil companies made 174b last year. B as in billion.