Just saw this data from Bloomberg.
Retrieved on 12/09/2008
The futures price of gasoline is less than $1. Most states have fuel taxes of between roughly 30 and 50 cents per gallon. Figure in about 10 cents a gallon for marketing, distribution and profits.
UPDATE: from API
Some facts: As of October 1, 2008:
- The nationwide average tax on gasoline is 48.4 cents per gallon as of October 2008, down 1 cent from July 2008.
- The nationwide average tax on motor diesel fuel is 53.6, a decrease of 2.8 cents from the July 2008 study.
The price of gas is going down, down, down. This is an amazing turn of events from June when prices were spiking at above $4 as a national average.
QUESTIONS FOR DISCUSSION
What are your thoughts?
What price do you think the national average price will ultimately fall to?
What month will the lowest average price occur in?