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Gas prices change based on the cost of crude oil, refining, distribution and marketing, and federal, state and local taxes. Four key factors affect the price of gas. Here's how, and why gas prices ...
Tight refining supply has kept the gap wide between wholesale gasoline futures and retail prices, currently at about $1.25 a gallon, far exceeding the average of 88 cents over the past five years.
Gas prices are again on the rise, and the extreme heat being felt in the Northern Hemisphere is partly to blame. Nationally, the price of a gallon of gasoline rose by 4 cents on Tuesday, the ...
The most basic gasoline price data is not adjusted for other economic factors, including incomes, which have been rising over time. Fact-check: How high are gasoline prices today, really? Skip to ...
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.
At the time of writing, the national average price of regular gas is $3.62 per gallon, $0.02 higher than this time last year. Drivers who use premium gas are paying $0.07 more this year than last ...
Thus, the best tip to determine which way gas prices are trending is to watch the market price of crude oil. Just understand that there’s not a one-to-one correlation between the two, and gas ...
The national average of gasoline exactly one year ago was at $4.30 per gallon, or $0.59 higher than it is today. West Texas Intermediate futures surpassed $120 per barrel in June of 2022, at the ...