You sell it to the highest bidder on one of the commodity exchanges.
NYMEX unleaded for October 05 delivery was $2.1837 (down $0.2253).
For January 06 delivery it was $1.9287 (down $0.652).
The NYMEX wholesale trader doesn't care what your state gasoline taxes are, although you probably should.
Yesterday it peaked at $2.45 for October delivery.
Let's estimate what pump price that implies. Take $2.45, add the state gas tax ($0.075), the Federal gas tax ($0.184), mark it up 10% for transportation, credit card charges, and profit, add the state sales tax (6%), and this morning's pump price should be (drum roll)....
No less than $3.16 per gallon.....
>Let's estimate what pump price that implies. Take $2.45, add the state gas tax ($0.075), the Federal gas tax ($0.184), mark it up 10% for transportation, credit card charges, and profit, add the state sales tax (6%), and this morning's pump price should be (drum roll)....
No less than $3.16 per gallon.....<
Actually this is a formula for going broke if you are a retailer.With a 10% markup rather than the cost plus 10% you used the price would be $3.20. A fair markup would be closer to 20% for the retailer.One drive off of 20 gallons wipes out all the margin on 200 gallons.