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The price of Brent crude, the global oil benchmark, rose more than 4% Friday to trade at nearly $90 a barrel. West Texas Intermediate crude oil futures, the US benchmark, jumped 4.2% to $86 a barrel.
In Florida, the price jumped by 8 cents in a single day. Over the past week, the average price of gas has spiked 10 cents nationally, according to AAA, and every part of the country is being impacted.
In June 2021, the national average price for a gallon of gas was $3.09, according to data from AAA, but as of June 2022, it had topped $5. That marks a gain of over 60% in a single year.
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.
GasBuddy is a technology company headquartered in Dallas that offers mobile applications and websites for tracking crowd-sourced locations and prices of gas stations and convenience stores in the United States and Canada. Their platforms offer information sourced from users, gas station operators, and partner companies.
In 1976, the federal government established the Eastern Gas Shales Project, a large research effort to find ways to produce gas from shale. Price controls grew even more complex with the Energy Act of 1980, which exempted Devonian gas shales (shales deposited during the Devonian geologic period) from price controls (but not gas shales deposited ...
Using data from the Department of Energy, GOBankingRates mapped out a chronology of average gas prices for more than 90 years dating back to 1929, giving all but the very oldest Americans a peek ...
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