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The current national gas price average is $3.62 per gallon. The average cost of gas has decreased 15% in the last two years, from when it was $4.27 per gallon. The highest recorded average price ...
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.
The national average price for a gallon of gasoline is at $3.50, according to AAA as of Jan. 26, 2023. While the amount of pain at the pump people feel is more or less acute depending on their ...
As of Wednesday, the national average price for regular gasoline stood at $3.25 a gallon, down 19 cents from a month ago and 58 cents from a year ago, according to data from motorist association AAA.
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.
On average, U.S. petroleum refineries produce about 19 to 20 gallons of gasoline, 11 to 13 gallons of distillate fuel diesel fuel and 3 to 4 gallons of jet fuel from each 42 gallon (152 liters) barrel of crude oil. The product ratio depends upon the processing in an oil refinery and the crude oil assay. [13]
The gasoline national average had been in a downward trend from its September 2023 peak of $3.88 per gallon. About a month ago, the average pump price hovered near a one-year low of $3.07.
On average, as of July 2016, state and local taxes add 29.78 cents to gasoline and 29.81 cents to diesel for a total US average fuel tax of 48.18 cents per US gallon (12.73 ¢/L) for gas and 54.21 cents per US gallon (14.32 ¢/L) for diesel. [29]