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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 ...
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.
U.S. natural gas prices were relatively stable at around (2006 US) $30/Mcm in both the 1930s and the 1960s. Prices reached a low of around (2006 US) $17/Mcm in the late 1940s, when more than 20 percent of the natural gas being withdrawn from U.S. reserves was vented or flared.
The national gas average on Friday sat at $3.53 per gallon, nearly $0.10 higher than a year ago, according to AAA data. “Gas prices are a lot like seasonal temperatures.
Despite having an average cost of about $1.54 less than the worldwide average, prices vary between states. For example, the average price in Hawaii was $4.99, while in Mississippi, where prices ...
The average cost per gallon in Washington is $4.67 per gallon. According to AAA, the cost of oil reached the upper $80s per barrel, but has since fallen several dollars into the low $80s as the ...
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.
According to GasBuddy, which tracks gas prices across North America, the average price of a gallon in the United States hit a seven-year high this month at $3.26 per gallon. Average prices are ...