Remember a few months ago when the nation was up in arms about gas prices?
Remember all the anger aimed towards former Exxon chairman Lee Raymond for his $400m retirement package? How about Jesse Jackson’s so-called boycott against BP for “price gouging”?
Well if you have not noticed by now, prices are falling at the pump and are expected to reach the $2 mark by the end of the year.
It was my position during that whole fiasco that as taxpayers we should spend more time forcing Federal and State governments to lower their cut in what we pay at the pump rather than some emotionally-crafted theory of old white men meeting in secret to artificially raise prices at the pump.
As I was standing at the pump this morning, I noticed a liiiiitle sign that showed the amount of taxes I was paying at the pump:Federal: 18 cents
State: 18 cents
So that means that I paid 36 cents on the dollar for every gallon I pumped into my vehicle this morning. That means that out of the $40 that came out of my pocket, $14.40 of that was paid in taxes alone. Below is a graphic from a posting I did back in April that shows you in detail just what you are paying at the pump:
( Click here to read the rest of that post.)
While gas prices are currently on a downward trend (as they fluctuate every year) the tax rate on fuel seems to keep going up.
Related: Gas taxes by state
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