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The price of crude oil is responsible for about half the cost of gasoline at the pump, and that makes sense because you really can't have gas without it. So as crude oil prices soar, so do ...
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.
The price of gasoline now stands at $3.64 per gallon, according to AAA, much lower than last summer’s high of just over $5. But the cost to fill up a tank has been creeping upward from the $3.55 ...
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 ...
California is ringing in 2024 with a gallon of regular gas priced almost 30 cents higher than it was this time last year. From California’s statewide average of $5.89 per gallon in September ...
Why prices have increased so far The average price of gasoline exceeded $5 a gallon for the first time ever last June—California has seen it surpass $6 —as global oil shocks reverberated from ...
The US is also witnessing a weaker trend in fuel consumption following a 2023 high in prices reached in mid-September. "Gasoline demand has been weak," said the EIA's Barron.
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 ...