Lehigh Valley Gasoline Prices
We just had the second LARGEST 2 week rise in GAS PRICES EVER. Gasoline prices have risen by nearly a third in the last year, and oil costs more than $100 a barrel for the first time in more than two years. |
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Federal, State, and local taxes are a large component of the retail price of gasoline.
Taxes (not including county and local taxes) account for
approximately 27 % of the cost of a gallon of gasoline. Within this national average,
Federal excise taxes are 18.4 cents per gallon and State excise taxes average about 21 cents per gallon.
Also, eleven States levy additional State sales and other taxes, some of which are applied to the Federal
and State excise taxes. Additional local county and city taxes can have a significant impact
on the price of gasoline. Refining costs and profits comprise about 15% of the retail price of gasoline. This component varies from region to region due to the different formulations required in different parts of the country. Distribution, marketing and retail dealer costs and profits combined make up 14% of the cost of a gallon of gasoline. From the refinery, most gasoline is shipped first by pipeline to terminals near consuming areas, then loaded into trucks for delivery to individual stations. Some retail outlets are owned and operated by refiners, while others are independent businesses that purchase gasoline for resale to the public. The price on the pump reflects both the retailer’s purchase cost for the product and the other costs of operating the service station. It also reflects local market condi- tions and factors, such as the desirability of the location and the marketing strategy of the owner. |
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