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Show Thursday, August 7, 2008 Musical artist and actor Kirby Heyborne performs a song for an audience at the Spring Acres Arts Park in Springville on Saturday. Heyborne, known for his appearances in movies such as "The R.M." and "The Best Two Years," was the featured performer at the concert. Protect yourself from the credit crunch Jason Alderman The news at the pump is grim: With the average aver-age cost of a gallon of gas well above $4 and rising, people are asking, ask-ing, "What happened?" Unfortunately, there is no simple answer. But here, is what government govern-ment and industry experts. ex-perts. say. are some key factors that impact fuel prices: Rising demand, dwindling dwin-dling supply. Like every ev-ery commodity, gasoline's gaso-line's cost is determined by supply, demand and competition. The odds are stacked against us mmnm DRAPER, UT 1359S S Royal Chase Clr 5BR 3.5BA 4,201sf- Exclusive Steeple Chase area! Numerous upgrades, ornate landscaping and stunning valley views. Grand entry with a beautiful wrought-iron staircase, fantastic kitchen with granite, center island, stainless steel appliances,: gorgeous tile backsplash and a gas cooktop with a pot-filler and double wall oven. Luxurious master suite has a double sided fireplace to the jetted tub, separate shower, double vanity and a large walk-in closet with built-ins. Built 2004. Approx .33ac lot. Attached garage. Nominal Opening Bid: $250,000 Inspection: 1-4pm Sun Aug 3rd and 10th and 2 hrs prior to sale time. Sells: 1 0:45am, Mon., Aug. 1 1 th Many properties available for Online Bidding, see web for details williamsauction.com 800.801 .8003 UT RE UC 548752B.PB BARBARA LANG BROKER on all three fronts: ' As easy-to-dr ill crude oil supplies become be-come tapped out, increasingly in-creasingly costly exploration ex-ploration into the far reaches of the world - combined with ever more complex and expensive ex-pensive oil extraction techniques - are required re-quired to increase supply. sup-ply. World demand for fuel has risen exponentially, exponen-tially, as developing nations like China and India clamor for a larger larg-er share of fuel. The vast majority (over 90 percent) of the OTHER AREA AUCTIONS ALPINE, 'UT 533 E Mountainville Dr 6BR 5BA 4,203sf- . KANAB, UT 307 Pipe Springs Dr 3BR3BA2,013sf-Approx 3BR3BA2,013sf-Approx .67ac lot. MIDWAY, UT 1364 W 310 N 3BR 2,841 sfA. Approx . .OSa'clot, ';, SALT LAKE CITY, UT ' 3080 S 500 E 6BR 2,504sf- Near Robert R Fit Park. SANDY, UT 3188 E Deer Hollow Dr 8BR 4BA 8,568sf- Built 1980. :-. SARATOGA SPRINGS, UT 262 W Harbor Park Way 4BR 2.5BA 2,014sf- Built 2006. 872 N Red Fox Ln 3BR 1, 7 13sf-2-story Built 2005. , 5 Buyer's Premium May Apply ' SPRINGVILLE HERALD . . . Y , v (J'Z"' , V . - . : .... . . .. 1 world's oil reserves are controlled by nationalized nation-alized oil companies -many of which are in unstable areas like the Middle East, Nigeria, Libya and Venezuela. Component costs of gas. According to the Department of Energy, the breakdown for the four cost components of a gallon of gas are: Crude oil costs. The vast majority of the cost - approximately 75 percent - derives from the price oil refining re-fining companies pay for crude oil. So, for example, when host countries ratchet up the price of crude oil as they have lately, fuel costs at the pump quickly follow suit. Taxes. Federal, state and local taxes account for about 10 percent of the cost, on average. Refining. About 10 percent of the price reflects re-flects the operational cost to and profit by the company that refines re-fines the crude oil into useable products, such as gasoline. Distribution and marketing. mar-keting. The remaining 5 percent is the average aver-age retail price of gas at the pump minus the sum of the other three components, as well as costs associated with operating gas stations. Gas station expenses. The price can also reflect re-flect the costs associated associ-ated with operating a service station, including includ-ing expenses for rent, salaries and accepting payment through credit NEW WOMEN'S CENTER Q f ining 2CCg ,1000 E. 100 N. ' Payson, UT 801-465-7000 y www.mvhpayson.com MOUNTAlNSlAft Mountain View Hospital and debit cards, if station sta-tion operators choose to do so. One component compo-nent of the cost to accept ac-cept cards, which gas retailers' pay to their banks, is interchange fees, which enable the payment system to function. To help ease the pain at the pumprVisa recently capped the per-transaction interchange inter-change fee for Visa-branded Visa-branded consumer debit card purchases at $0.95 per transaction. A similar fee restructuring restruc-turing is also in place for Visa credit card fuel purchases. On a $60 fill-up, this reduction reduc-tion yields a 14 percent savings in interchange fees; for a $120 fill-up, the interchange savings sav-ings would be 43 percent. per-cent. , Visa's hope is that oil companies will in turn pass some of these savings sav-ings along to their stations sta-tions and ultimately to customers, who are bearing the brunt of gas sticker shock. Knowing why gasoline gas-oline is so. expensive doesn't make it any less painful on your wallet, but it should help you better understand the facts behind who is part of the problem and who is working to be part of the solution. Jason Alderman directs di-rects Visa's financial education ed-ucation programs. 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