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- According to the EIA, there are four main factors that influence the price of gas: Crude oil prices (54%) Refining costs (14%) Taxes (16%) Distribution, and marketing costs (16%) More than half the cost of filling your tank is influenced by the price of crude oil.
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Sep 1, 2023 · There are several key factors that result in a variation in gas prices across states. One of the main factors is taxes. Each state sets its own taxes on gasoline, which can vary greatly. As of July 2023, California has a 2.25% sales tax rate on gasoline, while Texas levies a flat tax of $0.20 per gallon of gas.
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Jun 6, 2022 · Numerous factors are pushing prices up, with regular gasoline hitting a record $4.87 a gallon Monday according to AAA’s survey — up 25 cents a gallon in just the last week.
Jun 16, 2022 · Gas prices are reaching new highs across the United States. The national average could reach $6 per gallon by the end of summer, up $1 from the current figure, says JPMorgan. The US Energy Information Administration (EIA) says four factors are having a strong influence on gas prices.
Nov 25, 2021 · Gas prices in the US have hit a seven-year high. Demand has increased as the economy reopened and Americans have begun driving more. Meanwhile, supply has been constrained because of lower US...
- Andy Kiersz
- Henry Blodget
Feb 28, 2024 · Prices hit an all-time high in June 2022, surpassing the dreaded $5 milestone, a major hike made worse by high demand, historically low gas inventories and uncertainty in the international...
- Brian Bushard
Jun 14, 2022 · When fuel prices go up, consumers are hurt directly at the pump, but also indirectly when higher transportation costs raise prices on everything from food to diapers to construction...
May 12, 2022 · Wednesday’s record price of $4.40 a gallon, according to AAA, was quickly eclipsed Thursday when the national average hit nearly $4.42 a gallon. Why do gas prices seem to know only one...
