Huge jump in gas prices

[Legionnaire70]

Anyone know why gas jumped so high in the last week?

Gilford Mobil was $3.30 last week, today $3.69!!

I mean really, what's the deal and whose pockets and getting stuffed with $$? Not mine!

[HellRaZoR004]

One explanation might point to the recent rise in crude oil (recently over $100 a barrel).

[jetskier]

Originally Posted by Legionnaire70

Anyone know why gas jumped so high in the last week?

Gilford Mobil was $3.30 last week, today $3.69!!

I mean really, what's the deal and whose pockets and getting stuffed with $$? Not mine!

According to the press, it is the instability in Egypt. Frankly, it seems that any news will make the prices go up these days.

Jetskier

[brk-lnt]

People never get tired of talking about the price of gas.

[Legionnaire70]

Originally Posted by brk-lnt

People never get tired of talking about the price of gas.

Haha, I know... But when you drive 800 miles a week for work and your kids every penny adds up.. I'm dropping a $175 bones a week....

[christo1]

If you have not noticed high gas prices are the new normal.

[Shreddy]

Originally Posted by Legionnaire70

Haha, I know... But when you drive 800 miles a week for work and your kids every penny adds up.. I'm dropping a $175 bones a week....

Pending you're not reimbursed for those miles, maybe because you're self-employed or simply your employer won't reimburse, you get a tax deduction at $.555/mile. Driving 800 miles per week would equate to a $444 deduction.

So, if you're in a 25% tax bracket (hypothetically speaking), you'd be incurring a $111 tax break.

Now, that $175 bones is more realistically $64 bones in this case. Obviously, if you're in a higher tax bracket you'll get a bigger break and vice versa being in a lower tax bracket.

Just figured I'd shed some positives... As always, everyone's situation can be different and I cannot be relied upon for the above information. However, generally speaking those rules apply to most individuals.

[chipj29]

Originally Posted by jetskier

According to the press, it is the instability in Egypt. Frankly, it seems that any news will make the prices go up these days.

Jetskier

I have heard that when a camel farts, the prices go up.

[Lakegeezer]

the best excuse I heard is: "because they can".

[brk-lnt]

Originally Posted by Lakegeezer

the best excuse I heard is: "because they can".

Also known as "capitalism".

Gasoline isn't some inalienable right. It's a physical product, and tends to follow many economics 101 "supply and demand" curves.

I could save money on gas by buying a Prius, but then I'd be stuck driving a Prius. I'll stick with something that is more enjoyable and pay the higher rate.

[Lakesrider]

Even though we keep hearing about how much oil is being pumped up in North Dakota and such it is always the market price that effects the gas station prices. That and those damned Egyptians and fear of shutting the Suez Canal where the tankers go through for Saudi Arabia and the Med.
All that North Dakota oil is being exported and we are paying the price for it. When you own a truck, and need to, and have a 32 gallon tank $ .30 is an extra $9.60 on top of all ready high gas prices. And I can't deduct my gas, so I can bitch about it...Good thing I don't smoke or drink......much.....

[BroadHopper]

I think it is $.565/mile this year. If your employee reimburse you for less than that, you can qualify to deduct the difference.

Originally Posted by Shreddy

Pending you're not reimbursed for those miles, maybe because you're self-employed or simply your employer won't reimburse, you get a tax deduction at $.555/mile. Driving 800 miles per week would equate to a $444 deduction.

So, if you're in a 25% tax bracket (hypothetically speaking), you'd be incurring a $111 tax break.

Now, that $175 bones is more realistically $64 bones in this case. Obviously, if you're in a higher tax bracket you'll get a bigger break and vice versa being in a lower tax bracket.

Just figured I'd shed some positives... As always, everyone's situation can be different and I cannot be relied upon for the above information. However, generally speaking those rules apply to most individuals.

[codeman671]

Saw this on the news this morning:

http://www.cnbc.com/id/100886286?__source=yahoo%7Cfinance%7Cheadline%7Che adline%7Cstory&par=yahoo&doc=100886286%7CExpect%20$50%20oil,%20but%20not%20 $

Not going to hold my breath...

[Shreddy]

Originally Posted by BroadHopper

I think it is $.565/mile this year. If your employee reimburse you for less than that, you can qualify to deduct the difference.

This is accurate for 2013. As I haven't begun to prepare 2013 tax returns yet and still have plenty of 2012 tax returns to complete the $.555 business mileage rate is still stuck in my head. Cheers

[Scott's Yott]

How the heck can you deduct for mileage unless you own a biusness?

[ishoot308]

Originally Posted by Scott's Yott

How the heck can you deduct for mileage unless you own a biusness?

Pretty straight forward... http://taxes.about.com/od/deductions...xpense_ded.htm

Dan

[P-3 Guy]

Originally Posted by ishoot308

Pretty straight forward... http://taxes.about.com/od/deductions...xpense_ded.htm

Dan

Hopefully it's obvious, but commuting to and from work is not a deductible expense.

[Shreddy]

Originally Posted by Scott's Yott

How the heck can you deduct for mileage unless you own a biusness?

Schedule A...file a Form 2106. It is a miscellaneous itemized deductions subject to the 2% of AGI floor. So, to get the deduction you need to itemize and have qualified miscellaneous expenses in excess of 2% of your adjusted gross income.

[Chaselady]

I'll try to return this to something lake related.....buying boat gas at the marinas makes putting gas in my car seem like a bargain!

[This'nThat]

Originally Posted by Legionnaire70

Anyone know why gas jumped so high in the last week?

Gilford Mobil was $3.30 last week, today $3.69!!

I mean really, what's the deal and whose pockets and getting stuffed with $$? Not mine!

From ABC News, July 12: http://abcnews.go.com/Business/wireS...8#.UeSMAvnD_IU

Oil has risen from around $97 on July 1, mainly for two reasons. Traders are concerned that unrest in Egypt could affect oil shipments through the Suez Canal, a key shipping lane. And U.S. supplies of oil and gasoline have dropped dramatically in the past two weeks, signaling a rise in demand in the world's largest economy.

The prediction is another $.15 increase soon.

[SAMIAM]

Gas was around $1.80 when Obama took office..........just saying.

[Happy Gourmand]

Originally Posted by SAMIAM

Gas was around $1.80 when Obama took office..........just saying.

What does Obama have to do with the price of gas? This subject was beaten to death in another thread.

[ITD]

Originally Posted by The Phantom Gourmand

What does Obama have to do with the price of gas? This subject was beaten to death in another thread.

Obama stopped, then greatly slowed oil leases on federal property when he got into office , causing oil production forecasts to be chopped for 2009 and 2010. Fortunately capitalism took hold and exploration, discovery and production on private land made up the difference and then some. Had Obama continued with the federal leases as his predecessor the price situation would be probably be much different now. Both Obama and Chu, the now former energy secretary have stated that energy prices need to be higher to make green energy more appealing. I think this flawed logic as oil is the base for our economy, oil goes up, so does everything else hence green energy will still cost more than oil. This will be true until some one comes with a major break thru. We are not there yet. The only thing these policies cause are a moribund economy and untold financial suffering for those with lower incomes. Turns out a president can have a lot of influence on oil prices, in ways that are not good for the consumer.

[P-3 Guy]

Originally Posted by SAMIAM

Gas was around $1.80 when Obama took office..........just saying.

Gas prices were over $4 per gallon in June and July 2008 when George Bush was president..... just saying.

[Sunbeam lodge]

Originally Posted by This'nThat

From ABC News, July 12: http://abcnews.go.com/Business/wireS...8#.UeSMAvnD_IU

Oil has risen from around $97 on July 1, mainly for two reasons. Traders are concerned that unrest in Egypt could affect oil shipments through the Suez Canal, a key shipping lane. And U.S. supplies of oil and gasoline have dropped dramatically in the past two weeks, signaling a rise in demand in the world's largest economy.

The prediction is another $.15 increase soon.

O.K.
Let me get this straight.
The cost has not changed as the Suez canal is still open.
I think it might close so I charge another $5.00 a barrel
And as long as it doesn't close I pocket the difference.
The govt has increased the fleet standard mileage
We have added 10% ethanol to gas
More Electric and better mileage cars added to the road
We are loaded with oil to ship out of thisi country
We are now getting a pipeline from Canada to ship cheap gas overseas
O.K. , now I get it.
Now I get it.

[Seaplane Pilot]

Originally Posted by TMI Guy

Gas prices were over $4 per gallon in June and July 2008 when George Bush was president..... just saying.

Can't you guys come up with any better excuses than to blame George Bush? Man, it's been 5 years since he's been gone, and your president still takes no responsibility for anything. The media lynched Bush over high gas prices, but they say nothing about Mr. O. God I cannot wait until 2016....

[P-3 Guy]

Originally Posted by Seaplane Pilot

Can't you guys come up with any better excuses than to blame George Bush? Man, it's been 5 years since he's been gone, and your president still takes no responsibility for anything. The media lynched Bush over high gas prices, but they say nothing about Mr. O. God I cannot wait until 2016....

Whoa... time out. I'm not blaming anybody for anything. I guess that the point of my post, in response to that made by SAMIAM, was lost on you. Here was the intended point: gas prices go up and down. It doesn't matter who the president is or of what party affiliation. The president has very little ability to actually control what happens with gas prices, despite what those on either side of the political spectrum might have you believe. If the president actually had this ability, you would see prices go down before every election. Look what happened before the election last year. Blaming George Bush for high gas prices in 2008 is as dumb as blaming Barack Obama for higher gas prices now.

P.S. For everyone who's an American citizen, the president is not "yours" or "mine," but "ours," for better or worse, no matter who holds the office.

[spider22]

Originally Posted by TMI Guy

Gas prices were over $4 per gallon in June and July 2008 when George Bush was president..... just saying.

Just saying what? Gas might have been high at times when Bush was in office but the bottom line is it was less than $2 a gallon and has been much higher than that since Obama has been in office and he does nothing to bring it down. As a matter of fact I think he likes it there because he can push the electric cars and other "greener" alternatives.

[P-3 Guy]

Originally Posted by spider22

Just saying what? Gas might have been high at times when Bush was in office but the bottom line is it was less than $2 a gallon and has been much higher than that since Obama has been in office and he does nothing to bring it down. As a matter of fact I think he likes it there because he can push the electric cars and other "greener" alternatives.

See my post # 27 in this thread.

[spider22]

Originally Posted by TMI Guy

See my post # 27 in this thread.

I started typing my post before yours was posted. That being said if what you say is true then why do all the people that think Obama is so great criticized Bush for the high gas prices are now saying the president has very little to do with the gas prices. The same reason that a lot of people voted for Obama the first time because he was going to bring all our troops home. He has 5 years now and they are not all home yet but I suppose that is Bush's fault as well.