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Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
This includes the resources it takes for exploration, to remove it from the ground, and transport it. Between 2004 and 2008, there was an increase in fuel costs due in large part to a worldwide increase in demand for crude oil. Prices leapt from $35 to $140 per barrel ($220 to $880/m 3), causing a corresponding increase in gas prices. [15]
About a month ago, the average pump price hovered near a one-year low of $3.07. The last time the national average gas price fell below $3 was in May 2021. Read more: The best cash-back credit ...
While most fuel taxes were initially levied as a fixed number of cents per gallon, as of 2016, nineteen states and District of Columbia have fuel taxes with rates that vary alongside changes in the price of fuel, the inflation rate, vehicle fuel-economy, or other factors. [7] The table below includes state and local taxes and fees.
Ohio motorists have an average price of $3.043, while the average price at Kentucky gas stations is $2.831. Nationally, gas is most expensive in Hawaii, where motorists are paying an average of $4 ...
The average price for gasoline in Washington state is $4.948 a gallon as of June 22, 2023, according to AAA, making it the most expensive state in the country. To put that figure in context, the ...
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