Tag Archives: price of gas

Just how much does a gallon of gas cost, anyway

We may pay $3.95 at the pump, but the actual cost is much higher.The U.S. Senate this week decisively shot down a proposal to eliminate subsidies to Big Oil & Gas.

The tally was 51 senators, including two Republicans – from Maine – voting to end the subsidies, and 47, including four Democrats – from Alaska, Lousiana, Nebraska and Virginia – voting to keep them. The 100-seat senate has a nifty rule in place designed to increase the power of the minority party: 60 votes are required to pass a bill.

It’s probably coincidental that the four states whose Democrat senators opposed the repeal are heavily involved in oil production or transportation.

Pennsylvania Democrat Sen. Bob Casey voted to repeal the subsidies, and Republican Sen. Pat Toomey voted to keep them.

A report published last year said Pennsylvanians provide nearly $3 billion in subsidies to fossil fuel producers. It’s a subject that draws little media attention. … Continue reading …