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Proponents argued that this could reduce the gas price at the pump by about 18.4 cents a gallon for regular unleaded gasoline and 24.4 cents a gallon for diesel. If it were done, it was estimated the gas tax holiday would save consumers roughly $30 over the three-month period it would be instated. [1]
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.
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.
More good news is coming to inflation-weary drivers: Gas prices are expected to drop in 2025 for the third straight year, according to GasBuddy projections shared exclusively with CNN.
The Fair Labor Standards Act of 1938 requires a federal minimum wage, currently $7.25 but higher in 29 states and D.C., and discourages working weeks over 40 hours through time-and-a-half overtime pay. There are no federal laws, and few state laws, requiring paid holidays or paid family leave.
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.
Established maximum lawful prices for the sale of natural gas, which were phased out over a series of years, allowing market forces to set natural gas prices. [ 1 ] The Natural Gas Policy Act (NGPA) was the first building block in a plan from the Carter Administration to increase energy supply while reducing domestic consumption of energy. [ 2 ]
According to FRED, the Producer Price Index (PPI) for diesel in June 2022 was approximately 109% higher than in June 2021. However, data from the Bureau of Labor Statistics indicates that prices ...