September 3, 2010 7:55 AM
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Gas Prices Drop: Time For A Labor Day Road Trip
Gas prices are the lowest of the entire summer--$2.68 a gallon, according to the U.S. Energy Department. That's good news and just in time for the busy Labor Day travel weekend. I discussed the recent price drop with CBS3 this morning.
One final point I didn't get to mention on the segment (darned that Earl!): while world events and weather can impact prices over the short term, over the long term, here's what contributes to a dollar at the pump:
© 2010 CBS Interactive Inc.. All Rights Reserved. One final point I didn't get to mention on the segment (darned that Earl!): while world events and weather can impact prices over the short term, over the long term, here's what contributes to a dollar at the pump:
- The price of crude oil: 67 cents
- Taxes: 15 cents
- Distribution and Marketing: 11 cents
- Refining: 7 cents
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Jill Schlesinger Jill Schlesinger, CFP®, is the Editor-at-Large for CBS MoneyWatch. She covers the economy, markets, investing or anything else with a dollar sign. Prior to the launch of MoneyWatch in 2009, Jill was the chief investment officer for an independent investment advisory firm. In her infancy, she was an options trader on the Commodities Exchange of New York.
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