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Trump's plan to 'drill. baby, drill' isn't likely to spark more oil production, lower gasoline prices, and help reverse inflation, analysts say.
Last December, gasoline profit margins peaked at 120% above the 2019 baseline, or 102% above the 2020 pre-COVID level. The profit margin on gas was about 6.7% in 2019, so at current levels, it’s ...
Americans may be shelling out more for gasoline if the incoming Trump administration follows through on threats to impose tariffs on imports from Canada and Mexico. President-elect Donald Trump ...
The 2016 Southeastern United States gasoline shortage was a phenomenon caused by the 2016 Colonial Pipeline Leak and the resulting panic buying in which many gas stations across six states had entirely run out of gasoline, causing price hikes, halts of services, and several declarations of states of emergency.
Retail markup over crude oil and wholesale gasoline, 2014–2019 Oil, gas, and diesel prices RBOB Gasoline Prices. In 2008, a report by Cambridge Energy Research Associates stated that 2007 had been the year of peak gasoline usage in the United States, and that record energy prices would cause an "enduring shift" in energy consumption practices. [6]
During the Great Depression, both growing supply and falling demand caused the price of oil to decrease to about 66% between 1926 and 1931. [ 30 ] Toward the end of World War II , the automotive era settled rapidly, and the nation's demand of oil increased 12% between 1945 and 1947 while motor vehicle registrations did so by 22%.
The Biden administration said on Friday it has bought its last batch of oil for the Strategic Petroleum Reserve after selling a record amount from the facility in 2022 to counter fuel prices that ...
The first federal gasoline tax in the United States was created on June 6, 1932, with the enactment of the Revenue Act of 1932, which taxed 1¢/gal (0.3¢/L). Since 1993, the US federal gasoline tax has been unchanged (and not adjusted for inflation of nearly 113 percent through 2023) at 18.4¢/gal (4.86¢/L).