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Explanation please

ProfilePosted byOptionsPost Date


supercrutch Report 11 Dec 2012 17:20

I saw an American news report in the middle of last night talking about US gas prices. They are currently stabilising at between $3.20 and $3.40 per gallon.

One imperial gallon is exactly 4.54609 litres, whereas one U.S. gallon is exactly 3.7854118 liters.

There is a point to this....lolol

The current US decrease of about 30c per gallon will create 300,000 jobs. Bring down pharmaceutical costs of products using petroleum jelly at the chemists and reduce food costs on the shelves due to decreased transportation costs.
The news reporter stated that the expected standard price of $2.90 will be achieved in the next month and further price cuts to consumers will follow together with another large increase in new jobs.

Can anyone remember any decrease in pump prices here which led to more jobs or lower food prices?



MrDaff Report 11 Dec 2012 17:23

Can you remember any decrease that wasn't quickly reversed, or one with a predicted follow-on decrease, ever?? :-(


BrianW Report 11 Dec 2012 17:25

Can't remember ANY decrease in fuel prices other than short-term fluctuations.
The most successful economies are those with low taxes and low inflation.
We have gone in the opposite direction for decades and priced ourselves out of a job.


supercrutch Report 11 Dec 2012 17:31

As an extra:

Cost of Petrol

This breakdown of the cost of petrol is based on the assumption of a £1 per litre of petrol.
•Petrol Fuel Duty - 48.35p
•VAT (17.5%) - 14.9p
•Refinery Petrol Costs - 31.75p
•Forecourt Costs - 3p
•Forecourt Profit - 2p

and per $1

•Taxes: 13 cents

•Distribution and Marketing: 8 cents
•Refining: 14 cents
•Crude oil: 65 cents