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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.
Gasoline prices are on a downward trend as the seasonal benefits of the shift to fall in the US outweigh elevated crude oil prices. ... 25 cents per gallon of downside for local gas prices," Tom ...
The price of gas on June 17 was $3.67.5 a gallon, 25.1 cents lower than a month earlier but 96.8 cents above a year earlier. [11] On June 24, the price of gas was $3.62.8 and expected to go much lower due to the opening of the Strategic Petroleum Reserve. U.S. oil prices fell below $90 before rising again, and Brent crude fell 2%. [12]
July 11, 2008 - Oil prices hit a record high of $147.27 a barrel before settling at $145.08 at the end of the day. September 22, 2008 - Oil prices experience the biggest one-day increase ever ...
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 Russia’s invasion of Ukraine.
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
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.
Gasoline prices have already seen their summer peak and will likely head lower going into the fall, according to one oil analyst. On Wednesday, the national average price of a gallon of gas sat at ...