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 Ask AP: Why Is Gas Priced at 9/10ths?
from YouTube :: Videos by AssociatedPress
May 20, 2008
PlusAsk AP: Why Is Gas Priced at 9/10ths?Ask AP: Why Is Gas Priced at 9/10ths?The Associated PressWhy is gas priced at nine-tenths of a cent, rather than whole cents? Ask AP your questions about the news: newsquestions@ap.org (May 15)[Notes:animated open with music] [Notes:on camera]I'm Matt Friedman and this is Ask A-P. Today's question is about the price of gas. [Notes:transition to graphic] Aaron Merriman of Columbia, Missouri asks: why is gas priced at nine-tenths of a cent? A-P Energy and Transportation writer John Wilen says pricing gas in tenths of a cent is a vestige of a bygone era. There was a time that discounting the price by a tenth of a cent actually meant something.The process is legal. Congress authorized pricing by the "mill" in 1786, although currency was never issued in that amount. Many taxes, including the federal gas tax of 18-point-four-cents, are listed this way.One gas station owner who tried to do away with fractional pricing was actually criticized for raising his prices a tenth of a cent. [Notes:on camera]If you have a question about an A-P story, write to us. The address is newsquestions-at-a-p-dot-org. We might answer it right here. I'm Matt Friedman. The Associated Press. ___ ___, The Associated Press. Author: AssociatedPress Keywords: ask ap_9_10ths ap: gas priced 9/10ths? Added: May 20, 2008
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