Skyrocketing gas prices in the U.S. have been brooded lately, reaching the highest, $4.3 a gallon, AAA Auto Club reported. It means you could put out upwards of $50 at a pump to fill up even a small car. So, what increases gas prices? First, taxes. Excise tax composes $0.51 out of $5.19 gas prices along with $0.13 of local tax and $0.184 of national tax. Many people are calling for help with the gas tax holiday. However, some claim it is the most important revenue source to maintain roads and infrastructure. Second, $0.36 goes for marketing, wages, and profit to gas stations. Refining gas and transportation is sustained at $1.12. Lastly, the biggest portion of gas prices is crude oil, $2.87, which is the volatile part. So, if gas prices go up, you can think of rising crude oil prices.
Some experts say gas prices will go down soon, and the White House is taking a wait-and-see approach. But in anyone’s yardstick, the U.S. is facing economic headwinds. Record gas prices aside, United Auto Workers (UAW) are going to call on others to join the strike. New house building has decreased by 11%, according to the U.S. Census Bureau. People are running out of excess savings, while the banking sector's loan growth is slowing. To top it all off, Washington DC has only two weeks to prevent the government from being forced to close its doors.
*Vocabularies; brood, AAA, upwards, pump, breakdown, variance, excise, refine, headwind, excess, yardstick, call on, put out sth, census, to top it off
REFERENCE
Some experts say gas prices will go down soon, and the White House is taking a wait-and-see approach. But in anyone’s yardstick, the U.S. is facing economic headwinds. Record gas prices aside, United Auto Workers (UAW) are going to call on others to join the strike. New house building has decreased by 11%, according to the U.S. Census Bureau. People are running out of excess savings, while the banking sector's loan growth is slowing. To top it all off, Washington DC has only two weeks to prevent the government from being forced to close its doors.
*Vocabularies; brood, AAA, upwards, pump, breakdown, variance, excise, refine, headwind, excess, yardstick, call on, put out sth, census, to top it off
REFERENCE
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