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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 ...
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.
A number of factors have driven the price of crude oil significantly higher over the past two years, from the post-COVID-19 global economic resurgence to the war in Ukraine. ... which way gas ...
Gas prices within the last 10 years highlight how volatile the market can be. When looking at historical data, gas prices were the same in 2011 as they were in 2023 — $3.52 per gallon.
If you've filled up your gas tank lately, you've likely felt a bit of a sting as it seems prices have gotten out of control again -- especially in some parts of the country. Owners of larger cars ...
Though gas prices going up is just an expected reality these days, U.S. retail gas prices were down from 2022 to 2023. Overall, prices were $0.43 less in 2023 than in 2022 on average. Reasons for ...
California is one of just two states experiencing gas prices over $5 per gallon, based on current AAA statistics. The same factors driving oil prices up in California, including sanctions on ...
Price of a gallon of gas: $3.27 In 2022 dollars: $4.30 This article originally appeared on GOBankingRates.com : Rising Gas Prices: How Inflation Has Impacted Gas Prices Over the Years