Gasoline is going back up. Just the other day we were pumping it in for $1.75/gallon and this morning the local Stripes store had regular gas at $1.919 and Murphy’s at the Walmart center was $1.899.
What’s going on? Crude oil prices are going up for one thing. That’s a mixed bag, especially for Texas. According to the State Comptroller the fall of crude prices this year has sent the tax income from oil and natural gas production down 6.2%. To make it worse, the motor fuel taxes also went down 4.6%. That double whammy takes money from the state coffers and, guess who gets the brunt of that – all of us. In addition to the loss of income for the state, when crude oil prices go down the drillers stop drilling and workers get laid off. That hurts lots of people.
On the other hand, it was a welcome thing when gas pump prices went from a mid-June high of $2.81 to a mid-February low of $1.69. Now…we’re headed back up again and we wonder whether to say Yay or Yuk!