BMEWS
 
Sarah Palin's image already appears on the newer nickels.

calendar   Monday - March 19, 2012

Gas Prices Spike Again

I thought we were going to catch a little break when local gasoline prices dropped 3¢ last week to $3.51.9, but they’re right back up again today to $3.57.9. And that’s at the no-brand station down the road. Gas costs more at the big name stations. And yes, I know, you’ve got it worse; New Jersey doesn’t put much state tax on gas, so it’s worse in almost all the other states, which do.

But we’ve got it easy. Gas is going up in the UK too, and yet another tax hit this coming summer will make it even worse.



Record fuel hike ‘will force drivers off road’

Fears are growing that an increasing number of motorists will be priced off the road if fuel prices continue their relentless rise.

Petrol and diesel now cost more in the UK than ever before — with a further 3p VAT rise planned in August prompting panic among drivers.

New figures from March’s AA Fuel Price Report reveal that Northern Ireland consumers are forking out an average 139.2p a litre for unleaded and 145.9p for diesel.

That’s more expensive than anywhere else in the UK, where around 68% of the pump price is actually attributable to duty and VAT.

Before tax, the UK has one of the cheapest fuels in Europe but, once it is added, local diesel prices are the highest in the EU, while local petrol is among the dearest.

Let’s see, there are 3.785 liters in a US gallon, so with the upcoming VAT added in, this amounts to 526.87p per gallon. But with 100 pence per pound, that’s £5.2687. A pound is currently worth $1.58.376, so that works out to $8.34.5 per gallon. Which means it costs about $125 over there to fill up the tank on a mid-size car or small pickup. That’s about 2 1/2 day’s wages over here after taxes if you have a minimum wage job. On the other hand, if you take away all the taxes on UK gas, it’s only $2.67 a gallon. Add back in the 18.4¢/gal federal gas tax we pay and your state’s taxes and fees and you’ll see that the actual cost of the gasoline itself is quite a bit less expensive over there. $2.67 + NJ’s $0.32.9 combined tax adds up to $2.98.9, a price I will gladly pay right now if I could find it.

Funny thing, that. Remember the whole economies of scale lecture in Economics 101? Strange how the UK, which uses not a tenth of the gas that the USA does, manages to get it to the pumps for such a lesser price. Perhaps they have more refinery capacity available per unit gallon, imported & domestic, and thus have a bit of competition regulating the free market. Perhaps they have just one or two blends nationwide. Perhaps they don’t do the silly E10 gasohol sleight of hand with the ethanol, a price relationship that I can’t understand.  And I’m pretty sure that the stupid ethanol subsidy is finally over, although I don’t remember hearing anything about that on the news.

Just now I learned that cellulosic ethanol is a total flop, coming in at 100 million gallons shy of its 2010 federally mandated production goal of 100 million gallons, 250 million gallons shy of its 2011 mandated goal of 250 millions gallons, and almost certainly 500 million gallons shy of its 2012 mandated goal of 500 million gallons. In other words, not one damn drop. And it’s the heart and soul of the Renewable Fuel Standard that demands the blending and sourcing of ethanol. Hey, imagine that. A government program put into law based on a circle jerk dream of technological advancements that don’t even exist. Government: We Know Better Than You.  Go on, look it up. And the oil companies are forced to purchase waivers from the government for not using this alcohol, because it doesn’t exist. Guess who pays for the waivers, eventually? And I’m not seeing Congress toss this nonsense legislation, or even hit the Pause button on it.  We’re totally screwed.

All I know is that gas is costing me more than it EVER has before, and I’m getting 2-3mpg less with this 10% mix crap that is the only stuff for sale, compared to real gasoline. And I’m NOT blaming Bush for it either. I’m blaming the guy in charge and his 535 moronic minions down the street.


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Posted by Drew458   United States  on 03/19/2012 at 12:10 PM   
Filed Under: • Oil, Alternative Energy, and Gas Prices •  
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