How high will gasoline go in 2012

[RikM]

Originally Posted by wjtracy

Grumpy- It looks like a big cost increase for you. Does that imply that both the fuel cost and the added tax both went up? I think in the USA the added tax is +xx cents per gallon, so the tax does not go up if fuel cost component goes up.

The UK government has been playing games with "green" taxes in the last few years (read that as"nice little revenue earners").
IIRC the fuel tax currently runs at about 58 pence per litre, before sales tax (at 20%) is added onto the total cost. So reversing that... Cost before tax for the fuel is at about 50 pence per litre.

I believe some sort of ramped year-on-year increase in the fuel duty was introduced a few years back, which contributed to the current (excessive) tax levels.

Note: figures used here are "as I recall", so don't take them as gospel...

[LIPriusFreak]

Originally Posted by Zanrok

My guess, and pure speculation here... Is over $4.75 at some point this year.

Time will tell, but I do agree gas will only go up and not down.

+1...and this is the only reason I bought my prius...to defer some gas expenditures.....I can only afford filling my Acura so much....dropping $30 at a clip 3-4 times a week gets expensive quickly!

[RRxing]

Originally Posted by LIPriusFreak

I'm sorry...but I actually care what my cars drink, especially seeing as how two of my cars (my Legend and my 4runner) are very thirsty all the time and require 93 octane ( I only use BP or Shell religiously)

I'm not complaining, just pointing out the pink elephant in the room

This was at a Gulf station, not one of those American or Valero places. I would still recommend shopping around.

[ItsNotAboutTheMoney]

Originally Posted by RikM

I believe some sort of ramped year-on-year increase in the fuel duty was introduced a few years back, which contributed to the current (excessive) tax levels.

There was a 1p escalator that's been removed for now.

But fuel duty is still indexed.

[Sergiospl]

End of Ethanol Subsidies Could Increase Gas Prices!

Congress' decision to end its 30-year-old ethanol subsidy could boost gas prices as early as next week, according to USA Today. That's because virtually all retail gasoline sold in the U.S. contains at least 10% corn ethanol.

Ethanol blenders got a 45-cents-a-gallon tax credit, which amounts to 4.5 cents for the amount blended into each gallon of E-10 fuel.

The estimated $6 billion annual cost of the subsidy also has added to the federal deficit.

End of Ethanol Subsidies Could Increase Gas Prices Marginally - Kicking Tires - The Washington Post

[Silver bullit]

T.V. news just said this year will be the highest prices ever. $4.95 in Chicago and $4.70 in L.A.

[Sergiospl]

Originally Posted by Silver bullit

T.V. news just said this year will be the highest prices ever. $4.95 in Chicago and $4.70 in L.A.

I feel for anyone who will try to buy a new Prius around Memorial Day, the Prius c and Plug-in Prius especially, will be selling for top dollars.

[oldasdust]

That is what I said in jan. Chicago prices.

[cwerdna]

Yeah, I'm watching the NBC News story and I just had to chuckle when they interviewed a random driver. He said "gas prices are killing me. I got the big V8, the 5.4 liter and uh, it's just not fair."

Seems pretty fair to me. Wouldn't "kill" him as much if he'd bought a more efficient vehicle in the first place.

[PriusSport]

The price of oil is largely speculative--it depends on whether oil futures paper is being bought or sold. In fact, the price of electricity from your local power company is now figured that way, and can change every 3 months depending on the price of oil. That's what my power company told me.

As for the price of gas this year, hold onto your hybrids. Gas prices aren't going down.
The slightest excuse to buy oil futures--the price will be up the next day at the pumps.
That's the way it works. You can imagine what will happen if the oil supply in the Middle East is even remotely threatened.Gas will hit $5 easy.