Thanks. Plumb forgot to list the taxes -- which are a major part of the price of gasoline. California, in fact, also imposes a sales tax on gasoline -- a tax on a tax, which can reach 10% of the gross cost. And, this year, a brand new carbon credit/cap & trade tax will add another ten cents-or-so per gallon.
In the face of all these taxes, how can we possibly complain about the refiner pocketing something between a nickel and a dime per gallon?
In 1974 according to Joe Shell, president of the independent oil producers of California, after carter added the 10% well head tax, which he called an excess profit tax, the total taxes in California were 86% from the ground to the pump in California.