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Sep 5, 2024 · From 1995 through 2006, the price difference among grades of gasoline was typically about 10 cents per gallon. Since 2006, the price difference among gasoline grades has generally increased. In 2023, the national annual average price of midgrade gasoline was about 52 cents per gallon more than regular-grade gasoline, and the average price for ...
- U.S. Energy Information Administration
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Federal taxes include excises taxes of 18.3 cents per gallon...
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- U.S. Energy Information Administration
- Crude Petroleum Prices
- The Producer Perspective: Refined Petroleum Products
- Margins For Gasoline Stations: A Response to Energy Market Shocks
- Consumer Gasoline Prices
- Conclusion
This section discusses how the U.S. Bureau of Labor Statistics (BLS) measures crude oil prices and how these prices have changed over the course of the COVID-19 pandemic.
The COVID-19 pandemic contributed to large fluctuations in the prices for all refined petroleum products during the first half of 2020. However, changes in demand and refiners’ reactions aiming to reduce output and shift toward more profitable fuels resulted in differences in the timing and severity of the pandemic’s impacts on specific petroleum p...
A portion of refined oil products flows to retailers, a group facing related but distinct impacts from the pandemic. The PPI for automotive fuels and lubricants retailing measures the average change in margins that fuel retailers receive for the sale of automotive fuel. These margins are measured as the difference between the average selling and ac...
This section discusses how BLS measures consumer gasoline prices and how these prices have changed over the course of the COVID-19 pandemic.
In early 2020, BLS price indexes for petroleum products reflected the dramatic shift in economic activity caused by the onset of the COVID-19 pandemic. Shocks to demand and then supply pushed prices for petroleum products downward. From January to April, BLS reported substantial decreases in the Import Price Index for crude petroleum; the PPIs for ...
These lower costs can result in high-volume gas stations offering lower prices. Additional revenue sources. Gas stations with convenience stores can use profits from non-gas sales to subsidize the cost of wholesale gasoline (or diesel), allowing lower pump prices. Footnotes Footnote 1. Rack price is an industry term for the price that ...
Jun 8, 2022 · Fuel prices are rising, rapidly. Long gone are the days of 2020 and cheap fuel, with roads and airports relatively empty due to COVID-19. As the world learned how to accommodate safety measures put in place to combat the spread of COVID-19, energy demands rose in 2021, causing fuel prices to increase across the globe.
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.
Nov 20, 2021 · New York CNN Business —. Gas prices are skyrocketing, and Americans want to save at the pump. That plays right into the hands of Costco, BJ’s Wholesale Club and Sam’s Club. The national gas ...
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Jun 9, 2022 · Gas prices respond to crude oil prices, refining and distribution costs, and changes in demand. ... In the decade through 2020 refining costs and profits accounted for 14% of the retail price of ...
