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Wednesday, June 18, 2008
Gas Prices Fall for Second Consecutive Day
FOXBusiness
For the second day in a row, gas prices nation wide have ticked down. The decrease isn’t much, but it’s enough to give motorists hope that more could be on the horizon.
The average per-gallon price stands at $4.075 for regular unleaded, according to AAA’s Daily Fuel Gauge Report. This is down from an all-time high of $4.080 on Monday, June 16.
Even though this is good news, gas prices are up more than 7% from where they were just a month ago, when prices were $3.794 a gallon. Prices are up approximately 35% from where they were one year prior.
States where the drop in prices has produced the best deal are Missouri and Oklahoma, where prices per gallon are $3.831 and $3.842 respectively.
States with the highest prices are California and Alaska at $4.607 and $4.463.
Prices for diesel are also down slightly, to $4.794 from an all time Monday high of $4.797. Diesel averaged $2.891 one year ago.
The decrease in gas prices is attributed to the decline in crude oil price, which fell below $134 per barrel in pre-market trading this morning.
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Sure, we know some of you are saying the term "marriage penalty" is redundant. In fact, of all the costs associated with getting married (have you seen the cost of a wedding cake lately?), the marriage penalty can be the worst.
Here's how it works: Mr. and Mrs. Right walk down the aisle in wedded bliss and suddenly they¿re a two-income household. If both make roughly the same amount of money, they can be pushed into a higher tax bracket. That's bad, since the higher the bracket, the higher the tax. So, if both were single, they'd end up writing two smaller checks to the tax man that, if combined, would add up to less than the giant check they write in a state of wedded bliss.
Is that fair? We're not touching that, but there is a flip side that few people talk about. The marriage penalty only kicks in if both members of the couple make close to the same amount of money. If there's a big disparity in pay, there's actually a tax advantage. Call it the marriage bonus.
And, it¿s important to remember that there are other financial benefits, such as lower life-insurance rates or health care premiums, that can make up for the extra tax couples pay. So don't let Uncle Sam stop you from saying, "I do."
