California gasoline prices set to plunge as spike ends

Reuters ^ | Mon Oct 8, 2012 8:49pm EDT

[chessplayer]

(Reuters) - The unprecedented price spike that added more than 50 cents a gallon to California pump prices last week ended as quickly as it began, market analysts said, and consumers should see prices fall dramatically in the coming week.

[chessplayer]

How convenient for His Sublime Greatness.

[skeeter]

When have you ever seen a headline like this. LOL

[John W]

Indications elsewhere are another record was set today. We’ll see.

[notaliberal]

Yeah! Gov Jerry "Moonbeam" Brown finally admitted unwittingly that when supplies are plentiful prices go down. But the illegals and dupes will vote democrap anyway

[chessplayer]

I’m sure that prices suddenly falling just before the election is just a coincidence. sarc/

[Disambiguator]

California gasoline prices set to plunge as spike ends

And now, the weather. Warm weather set to end as temperatures drop.

[thackney]

[sickoflibs]

RE :”California Governor Jerry Brown's decision on Sunday to allow an immediate switch to “winter-blend” fuel was a big factor in driving wholesale prices down by 60 cents a gallon on Monday, market participants said.
“Retail prices will come down as hard as they went up,” said David Hackett, president of Stillwater Associates, an energy consultancy in Irvine, California. “It went up 56 cents in a week, it will come down that fast.”
The price spike alarmed consumers and politicians across a state that is famous for its love of the automobile. Senator Barbara Boxer on Monday called for a Department of Justice investigation into possible price manipulation in gasoline trading markets. Senator Dianne Feinstein on Sunday made a similar request to the Federal Trade Commission.”

Jerry Brown and those Greenie CA liberals put GAS prices (before an election) ahead of the environment? This is hard to believe. What about our planet? Isnt it getting warmer, err colder, err more hurricanes, more snowstorms, ?? Any weather we hate?

Wont half the country be under Ocean water in a few years? just for a 60 cents or so per gallon? Oh the shame.

[LibLieSlayer]

Yep... skittles and Unicorns are just around the corner.

LLS

[Iron head mike]

“I’m sure that prices suddenly falling just before the election is just a coincidence. sarc/’

Dun’t Matta’ ‘cause I be voten’ fo’ Obama any way!

[stephenjohnbanker]

California is switing to “winter blend” about 3 weeks early.

if Obama tries to”play” this, Romney can rip his head clear

off.

[Buckeye McFrog]

Yesterday Di Fi was calling for an investigation.

They always strategically do this whenever prices peak. So that when they start falling they can claim credit. “We called out those Eeeeeeevil oil jerks. When we started investigating they knew the jig was up!”

[Two Kids' Dad]

The simplest way to get gas prices to drop at the pump is to suspend the federal tax on each and every gallon sold. We all know that the feds make way more money on gas than the oil companies do, just like the feds make more money off cigarettes than the tobacco companies do.

When it comes to greed, no one beats the feds.

[hadaclueonce]

I am a big fan of Ed Wallace. He explained Saturday why there was gas shortage in Ca.

http://www.insideautomotive.com/

[NonValueAdded]

where? you just dumped us onto his site.

[DoughtyOne]

The special blends in California probably do get sold on the premise that they’re better for the environment, but the important goal is to burn cleaner during the warmer months of the year, thus reducing smog.

A lot of progress has been made in reducing visible smog. The AQMD smog alert days have been reduced significantly. That’s not to say there isn’t still a problem, because there is, but it’s a lot better than it used to be.

In the early 70s, I worked on Foothill in La Canada, California. I remember looking across the street in those days, and we’re talking 50 or 60 yards, and being able to see smog between myself and the buildings across the wide street.

I haven’t seen days like that in over two decades.

I’m no enviro weenie, but the inversion layer around L. A. can form a thermal trap that can and has caused the air to be very unhealthy. Something had to be done, and the special blends did seem to have a great impact.

[Fast Moving Angel]

[thackney]

When it comes to greed, no one beats the feds.

California does.

The federal tax on gasoline is 18.4¢/gallon.

The state taxes add up to 51.3¢/gallon as of Oct 1st, 2012.

Source:
Gasoline & Diesel Motor Fuel Taxes
http://www.api.org/Oil-and-Natural-Gas-Overview/Industry-Economics/~/media/Files/Statistics/gasoline-diesel-summary.ashx

All states shown at link

[Syncro]

And add on to that the 7.25 to 9.25% California sales tax and it raises about 30 cents or more per gallon depending on the price at the pump.

Plus the sales tax not only is on the price of gasoline, but on the other taxes already added in. Highly illegal.

[thackney]

And add on to that the 7.25 to 9.25% California sales tax and it raises about 30 cents or more per gallon depending on the price at the pump.

Actually, that was inclusive of the sale tax applied to gasoline in California.

The Gasoline Sales Tax was revised to 2.25% not long ago.

GasBuddy.com shows the excise tax to be 35.3¢/gal and other taxes to equal 15.2¢/gal to include sales tax. “Other Taxes” columns include a 2.25% state sales tax for gasoline and at least a 1.25% local sales tax for various counties in the state for diesel. The tax rate applied is a weighted average based upon county populations. A 2 cpg state UST fee is also included.

http://gasbuddy.com/Tax_Info.aspx

Because of the percentage basis of California's gasoline taxes, there is some variation between sources depending on the date they calculated the tax.