California Gas Tax, July 1, 2013: Highest In The Nation; Almost A Buck A Gallon; XOM Margins - Two Cents/Gallon

CBS is reporting:

Starting this week California drivers are spending more to fill up at the pump.

A 3.5-cents-per-gallon tax hike went into effect Monday.

The increase was approved by the state Board of Equalization in February, in order to make up for tax revenue shortfalls in past years.

The tax hike gives the Golden State the highest gas tax in the nation, at 71.9 cents per gallon.

Meanwhile, XOM, who puts everything at risk looking for oil, producing the oil, refining the oil, transporting the gasoline, and dispensing the gasoline, makes two cents on each gallon sold.

Almost a buck/gallon in taxes at the pump. Cue up Connie Francis.

Meanwhile, in the rest of the country, Yahoo!Finance is reporting: gas prices quietly creeping lower; a tax cut for Fourth of July travelers. Who are they trying to kid? Oil is up $1.15 in early trading today, and heading back toward $100.