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I admit, I was wrong. Last year, I made the claim that gasoline prices were closer to heading toward $5 a gallon than many of us should be comfortable with. Since that time, though, U.S. retail ...
Retail markup over crude oil and wholesale gasoline, 2014–2019 Oil, gas, and diesel prices RBOB Gasoline Prices. In 2008, a report by Cambridge Energy Research Associates stated that 2007 had been the year of peak gasoline usage in the United States, and that record energy prices would cause an "enduring shift" in energy consumption practices. [6]
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.
Gas prices by year 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 ...
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.
Gas had hovered around $1.00 for years, and many of us probably In 1998, gas in my hometown was a whopping $0.98 per gallon. For a kid in high school, that was huge—I was able to afford to go ...
The price of oil quadrupled by 1974 from US$3 to nearly US$12 per 42 gallon barrel ($75 per cubic meter), equivalent in 2018 dollars to a price rise from $17 to $61 per barrel. [3] Saudi Arabia had 25% of the world's oil, but only 4% of the oil used in the United States in 1973 came from the kingdom. [ 72 ]
The price of U.S. gasoline averaged more than $5 a gallon for the first time ever on July 11, but since then prices have come down, as overall supply has increased and U.S. demand has moderated to ...