Comments on: Governor Manchin’s Stealth Gas Tax Increase http://www.wvared.com/?p=3518 Tue, 07 Sep 2010 14:24:01 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Anne Lieberman http://www.wvared.com/?p=3518&cpage=1#comment-2977 Anne Lieberman Thu, 19 Nov 2009 11:02:25 +0000 http://www.wvared.com/?p=3518#comment-2977 The good news is that WV finally ranks above the lowest percentile in something! Our gas taxes are right up there with some of the more prosperous states. In fact, we have the 14th highest gas prices in the country. If these Dems keep at it, we might just make it into the Top Ten. http://www.gasbuddy.com/GB_Price_List.aspx?cntry=USA The good news is that WV finally ranks above the lowest percentile in something! Our gas taxes are right up there with some of the more prosperous states. In fact, we have the 14th highest gas prices in the country. If these Dems keep at it, we might just make it into the Top Ten.

http://www.gasbuddy.com/GB_Price_List.aspx?cntry=USA

]]> By: Art Boreman http://www.wvared.com/?p=3518&cpage=1#comment-2967 Art Boreman Wed, 18 Nov 2009 20:09:13 +0000 http://www.wvared.com/?p=3518#comment-2967 Bigger picture.....follow my math.....gasoline in most of WV tends to sell at about a 55-70 cent premium per gallon to whatever wholesale price you see all day on CNBC; roughly 2.01 a gallon on the exchanges today. The price for retail gas here in Wood County is in the 2.60 ballpark today, which falls within normal parameters. What the law describes as "wholesale price" will generally fall at the number you see on CNBC, with maybe a nickel or less of premium/profit booked beyond that. If the floating part of the tax rate is locked in at 11.7 cents or more, that means the assumed wholesale price of gas they are banking on is $2.34/gallon. Right now, if the tax were adjusted down based on today's wholesale price (2.01 + or -)on the exchanges, taxpayers would save about $15 million........that's the applause line in this speech (Give it up for me.). Obviously, the wholesale price is far below that $2.34 today. If gas drops back to where we were last Christmas and early spring (as low as $1.60/gallon in my neighborhood retail, and wholesale under a buck), this amounts to as much as a 7 cent per gallon tax increase. This passing means I will then buy my gas in Ohio as well, in addition to my tax-free groceries, and my $1 sweet tea at McDonalds, and a new car battery, and getting my tire rotated, and buying stamps.......and all the things I intentionally do in Belpre or Marietta if I can. Bigger picture…..follow my math…..gasoline in most of WV tends to sell at about a 55-70 cent premium per gallon to whatever wholesale price you see all day on CNBC; roughly 2.01 a gallon on the exchanges today. The price for retail gas here in Wood County is in the 2.60 ballpark today, which falls within normal parameters. What the law describes as “wholesale price” will generally fall at the number you see on CNBC, with maybe a nickel or less of premium/profit booked beyond that.

If the floating part of the tax rate is locked in at 11.7 cents or more, that means the assumed wholesale price of gas they are banking on is $2.34/gallon.

Right now, if the tax were adjusted down based on today’s wholesale price (2.01 + or -)on the exchanges, taxpayers would save about $15 million……..that’s the applause line in this speech (Give it up for me.).

Obviously, the wholesale price is far below that $2.34 today. If gas drops back to where we were last Christmas and early spring (as low as $1.60/gallon in my neighborhood retail, and wholesale under a buck), this amounts to as much as a 7 cent per gallon tax increase.

This passing means I will then buy my gas in Ohio as well, in addition to my tax-free groceries, and my $1 sweet tea at McDonalds, and a new car battery, and getting my tire rotated, and buying stamps…….and all the things I intentionally do in Belpre or Marietta if I can.

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