6 Dollar gas = Empty Lineups?

the ethanol mandate for gas has a big impact on food prices too.

On thing about documentaries is that they always have an agenda and always present the absolute worse case. Something to keep in mind.

 

Obama is going to pay for my food, gas, and create more storms with epic waves.

 

Don't forget the free cell phone.

 

locally grown stuff around here is crazy expensive

 

What? It's not even close to the biggest revenue source for the government (around $40B out of about $2 trillion). Individual income taxes account for nearly 50% of government revenue.

Profit volume is different than profit margin. Oil companies earn around $0.08 for every dollar of oil they sell. Does that seem extremely high? Fuel demand has increased which has increased oil companies' absolute profits (in $), but their margins are not that high. Meanwhile, Apple earns about $0.25 for every dollar of sales. Why doesn't anybody complain about their high profits?

 

By the time this thread reaches 20 pages i'm sure someone will.

 

farmers make too much money...the govt should start taxing them more

lol

 

http://www.localharvest.org/
this can help you find CSA's and farmers markets near you.
good resturants will use local produce too. you can ask the staff there.
at least in florida you can be pretty sure most of your fish is locally caught yeah?

and if you have space you can allways grow your own....tomatoes

 

Can you use it to call for help when under seige in a "spontaneous demonstration"?

 

Not sure if this sarcasm or not. But many farmers do very well. A combination of pricing and complex insurance policies (provided by the govt) makes for a very good living. Don't let the jeans fool and flannels fool you, between land values and decent profit margins, especially for small organic farms that supply local restaurants. Don't get me wrong I love it. My wife and I have been members of a CSA since we moved back to Philly 8 years ago. It's about quality and knowing where your food comes from, not price. And btw $6 gas won't stop me from driving to surf. I can still take the train from Philly, if I can't stomach high gas prices. But money is not an issue, my wife's trust fund keeps us just fine. Which hopefully all the Obama haters on this site will actually vote for romney and maybe our capital gains will be lower next year. I can't stomach voting for the guy, but him winning would probably save us 25K in taxes if he pushes his tax reform through congress.

 

Sorry to keep derailing this thread, but...

There are large scale "corporate farms," and there are small scale "family farms." And probably everything in between. The difference between the two is that it's almost impossible to operate the former without the use of a lot of heavy machinery, chemical pesticides/fungicides/herbicides/fertilizers, flood or spray irrigation, government subsidies... all of which are not sustainable, both environmentally and economically. Small scale farms are much more likely to be diversified, organic, and sustainable. Could these products cost more at the register? Most likely they will. But the benefits far outweigh the costs, IMO. In fact, if the produce you buy from the local farmer's market is fresher, it should have a longer shelf life, and that should help offset the slightly higher cost.

 

While some of the cost increase on food may be due to higher gas prices, it is also related to the worst drought we have had in 25 years. Many farmers lost a high percentage of crops this year due to the lack of rain, and scarcity def equals higher prices. Meat prices are expected to rise, also. And i just saw on the news the other day that the price of bacon is about to skyrocket.

Gas could be a million dollars a gallon and it still ain't gonna stop me from getting wet.

 

i live two blocks from the beach now and i bike anyway soooooo.... ill be there

 

gas prices are relatively cheap in america.it was way better 4 years ago when it was 1.19/gal.gas in belize is like 10.00/gal.if everybody in the usa went a week without gas the price would drop a lot...........biodeisal is the ****..shhhhhhhhhh dont tell anyone!!

 

A half block from the beach and my company pays for my gas so i got it covered

 

True, but the point is still valid: the profit margins are not that high for oil companies. It's not like they're getting a barrell of oil out of the ground for a nickel and turning around and selling it for a dollar.

 

Between the multi-billion dollar quarterly profits the oil companies are earning and the gov blowing billions of dollars in the Middle East (not because we’re interested in the fig trees) it seemed like a no brainer. Thanks for clarifying. If Income tax is first, what’s second, and so on?
Is 40B accurate or skewed? I’m thinking in terms of shipping costs going up because of fuel costs rising, resulting in the cost of each item shipped going up. If item prices go up, the tax dollars collected on each one of those items goes up too. With that in mind it would seem the gov is making substantial income on petrol long after it leaves the pump. How much income? Did they factor that in to the reported 40B?
We need to fuel our vehicles weekly and Iphones last us a year or two. I think it’s more noticeable when you get bent over a log on a weekly basis.

 

Big oil will do whatever it takes to squash alternative energy resources. I'd make a bet right now that gas prices will go down after the elections regardless of who wins. Anything to protect their profits.

 

1. Income Tax - 42%
2. Payroll Tax (SS/Medicare) - 40%
3. Corporate Income Tax - 9%
4. Other - 6%
5. Excise Tax - 3%

Gas taxes are part of excise taxes. The federal government collected about $75B in excise taxes in 2010 and about half of it was from gas taxes. The states collect gas tax revenue too. The revenues are supposed to go to maintain the transportation infrastructure (bridges, highways, roads, etc.).

In terms of the implied taxes on everything else due to the rising costs due to higher fuel costs, that would be challenging to calculate and is not included in the $40B, but you're right, it exists. The federal tax is a straight per gallon tax not a percentage of cost tax. It is currently $0.184/gallon for gasoline and $0.244/gallon for diesel. So, rising fuel prices do not increase fuel tax revenue to the government.