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As of 2005, E85 is frequently sold for up to 36% lower price per quantity than gasoline. [10] Much of this discount can be attributed to various government subsidies, and, at least in the United States, the elimination of state taxes that typically apply to gasoline and can amount to 47 cents, or more, per gallon of fuel.
Today's gas prices are a far cry from New Jersey's highest recorded price of $5.05 a gallon in June 2022.
Hawaii follows close behind at an average of $4.72 per gallon. The average price of gas increased by 27 cents in the first two weeks of ... New Jersey: $3.33. New Mexico: $3.32. New York: $3.47 ...
Figures by travel club AAA show the average price for a gallon of gas was $3.08 as of Tuesday, down from $3.15 last week and $3.28 a month ago.
The United States federal excise tax on gasoline is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel. [1] [2] Proceeds from the tax partly support the Highway Trust Fund. The federal tax was last raised on October 1, 1993, and is not indexed to inflation, which increased 111% from Oct. 1993 until Dec. 2023.
In the United States, to realize equivalent fuel economy at the pump with an FFV, the price of E85 must be much lower than gasoline. E85 was at least 20% less expensive in most areas as recently as 2011. In one US test, a 2007 Chevy Tahoe FFV averaged 18.3 MPG (U.S. gallons) for gasoline and 13.5 MPG for E85, 26.5% worse than gasoline.
The new gas prices in NJ are lower than the $5.05 seen in June 2022. And gas stations will soon switch to the cheaper winter blend of gasoline
Notes: (1) Estimates assumes 45% highway driving, 55% city driving, and 15,000 annual miles. (2) Average U.S. prices: $2.82/gallon for gasoline, and $2.42/gallon for E85 fuel. E85 prices vary widely by region. As of early November 2010 the minimum price was $2.02/gallon in Illinois and the maximum price was $2.99/gallon in New York.