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“The price of oil depends on global supply and demand,” said Sung Won Sohn, president of Los Angeles-based SS Economics, a consulting firm. There are other variables that affect gasoline prices.
The average price of gas as of Nov. 11 is currently $3.08, according to AAA, down from $3.38 in 2023. De Haan’s belief is that, spikes aside, the average price of gas would decrease to ...
Trump said that on his first day in office, he would place 25 percent tariffs on all Canadian and Mexican goods. The two countries are the leading sources of U.S. oil imports.
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The largest component of the average price of $2.80/gallon of regular grade gasoline in the United States from 2012 through 2021, representing 54.8% of the price of gas, was the price of crude oil. The second largest component during the same period was taxes—federal and state taxes representing 17% of the price of gas.
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In his 2011 State of the Union Address, President Obama called for a goal, "By 2035, 80 percent of America's electricity will come from clean energy sources." [14] In January 2017, President Obama published an article arguing that private-sector incentives will help drive decoupling of emissions and economic growth.
The National Energy Act included the Natural Gas Policy Act of 1978, which reduced the scope of federal price regulation, to bring greater competition to both the natural gas and electric industry. In 1989, Congress ended federal regulation of wellhead natural gas prices, with the passage of the Natural Gas Wellhead Decontrol Act of 1989. [13]