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According to AAA data, gas is cheaper than it's been all year.The national average of gasoline sat at $3.14 per gallon on Tuesday, down from $3.37 a month ago. "We've seen oil prices slide over ...
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.
As expected, lower energy costs held the headline figures to a smaller gain, with energy prices dropping 2.3% month over month and 5.4% on an annual basis. This was dragged down by falling gas ...
In early 2020 the gas price has dropped down to a national average of $1.73 a gallon. [14] In 2021, the average price increased to $3.01/gallon. [15] By the end of June 2022, the price of gasoline reached a record high of over $5/gallon with some places reporting $6/gallon. [16]
In November 2021, the White House announced the release of 50 million barrels (7,900,000 m 3) to address high gasoline prices. [45] [46] On March 1, 2022, President Biden announced the release of 30 million barrels of oil from the reserve in response to Russia's invasion of Ukraine. [47]
State Taxes. 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.
Total U.S. motor gasoline inventories stood at 218.18 million barrels as of Nov. 24, 2% higher than a year ago and the highest for this time of the year since 2020, according to data from the ...
Prices reached a low of around (2006 US) $17/Mcm in the late 1940s, when more than 20 percent of the natural gas being withdrawn from U.S. reserves was vented or flared. Beginning in 1954, the Federal Power Commission regulated the price of US natural gas transported across state lines.