Our government rips off the motorist by taking well over 70% of the cost of a gallon of petrol in taxation.The giant oil companies must prospect, raise to the surface, transport crude, process the crude and transport to the petrol stations who must also make a realistic profit. They deserve good profits.
Without the taxes, filling our tanks would cost about a quarter of what it does today.
All this being said - that the government is to blame and the oil companies actually earn their profits - I am afraid that the oil companies have taken advantage to rip us off.
The price of a barrel of oil has now dropped to around $100.
WHERE IS THE FALL AT THE PUMPS?
Petrol is the only commodity I know of where tax is levied on top of an earlier tax. If the petrol companies reduce their take, the government's cut will also fall.
Returning to the 80p a litre mark should be achievable.
*** 11/9/08 THe 'OPEC FACTOR'. http://www.dailymail.co.uk/news/article-1054116/Misery-drivers-greedy-Opec-cuts-production-prices-ABOVE-100-barrel.html
