Dividing up gas price dollars

As gas prices continue to soar, many consumers want to know exactly where their money is going.Many people place blame on the oil companies, but one economist says they?re like most other companies when

News 12 Staff

May 23, 2008, 6:20 PM

Updated 5,850 days ago

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Dividing up gas price dollars
As gas prices continue to soar, many consumers want to know exactly where their money is going.Many people place blame on the oil companies, but one economist says they?re like most other companies when it comes to making profits.?They get a competitive rate of return,? says economist James Lothian. ?[It?s] basically like any other industry.?Several factors determine the price of gas including crude oil costs, refining costs, distribution costs, marketing costs and even transportation. Federal and state taxes also account for about 11 cents of each dollar.A small portion of the price also goes to the gas station. There are no set standards for how much gas stations add on to the price, though nearby competition usually keeps that number low. To alleviate the pain at the pump, some state lawmakers are pushing to have gas taxes removed for the summer.News 12 The Bronx Gas Gauge


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