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Gas prices change based on the cost of crude oil, refining, distribution and marketing, and federal, state and local taxes. Four key factors affect the price of gas. Here's how, and why gas prices ...
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.
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.
Here's a simplified version of what happens (excluding taxes and the cost of environmental regulations that also affect gas prices): Say you're a gas station owner who buys 10,000 gallons of ...
If you've filled up your gas tank lately, you've likely felt a bit of a sting as it seems prices have gotten out of control again -- especially in some parts of the country. Owners of larger cars ...
California is one of just two states experiencing gas prices over $5 per gallon, based on current AAA statistics. The same factors driving oil prices up in California, including sanctions on ...
Though gas prices going up is just an expected reality these days, U.S. retail gas prices were down from 2022 to 2023. Overall, prices were $0.43 less in 2023 than in 2022 on average. Reasons for ...
Gas prices are once again on the rise, ... Over the past six weeks the price of oil has risen 17%, and Lipow attributed it to two main factors: cuts in production from Russia and OPEC, and the ...