Learn more about economics with this collection
The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
Taxes
State and local taxes accounted for 16% of the retail gasoline price in the decade through 2020.
Federal taxes and fees were 18.4 cents per gallon for gasoline and 24.40 cents per gallon for diesel as of July 1, 2021.
State taxes averaged 30.63 cents per gallon for gasoline and 32.29 cents per gallon for diesel as of the same date.
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Distribution and Marketing
Once crude is refined into gasoline, the fuel has to be shipped to a storage tank, from where it will eventually be distributed to local gas stations. The gas stations require staff and maintenance.
Distribution and marketing costs accounted for 14% of the U.S. retail price of gasoline in t...
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Refining Has a Price
Refiners need to be paid to distil crude oil into gasoline and add the required additives. In the decade through 2020, refining costs and profits accounted for 14% of the retail price of gasoline, on average. Seasonal and regional blending requirements and additives such as ethanol add to the cos...
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Oil Prices: The Crude Reality
Crude oil prices play a primary role in setting gasoline prices. Crude oil is a raw commodity that is used to manufacture gasoline.
The price of crude oil accounts for 56% of the price of gasoline in the decade through 2020, on average.
Not all grades of crude oil are useful for makin...
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Consumer Demand
Consumer demand also plays an important role. U.S. gasoline consumption fell in 2020 during Covid-19 restrictions but has mostly rebounded.
As of October 2021, 10 gallons of gasoline cost the equivalent of about 3.1% of weekly per capita disposable income, down from 4.8% in 2011.
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Moving Abroad: Banking and Taxes
Banking:
- Set up online banking for domestic fixed costs such as mortgages or other repayment loans.
- Set up local bank accounts for paying utilities and cash on hand in your new home.
Taxes:
- You'll have to file taxe...
Taxes and investments
Three essentials for successful investing: Invest in things you understand with low fees and minimal taxes.
Taxes can take a massive chunk of your investments' future earnings, so minimize their impact as much as possible. With long-term ...
Your Audience
The biggest concern with any social media effort is whether or not your ideal customer is there. And though TikTok’s demographic originally consisted of ages 16 - 24, that is changing every day. So don’t be fooled into thinking it’s just for Gen Z because 2020 changed everything....
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