$105 oil would translate into gas prices of $4.15-5.50 a gallon, based on historical price relationships. The markup now, despite all the complaints about gouging, is actually on the low end (1.66/1 - there are 42 gallons in a barrel of oil); the average is closer to 2.5/1.
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Petrol costs an average $1.35 AUD per litre in Western Australia. The rest of Australia is similar. The Commonwealth government's 38% excise tax is part of this price as is the 10% sales tax imposed by the state government. The AUD is worth about .76 USD now and a litre is roughly equivalent to a quart. Interestingly, Labor is now ahead in the latest polls, but not by much. In any event, I don't see any politicians floating proposals to cut any petrol taxes.
Regards, Mike B)
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