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Gas prices hit a 2023 high earlier this month, renewing concerns that US inflation will reverse its downward trend. The upward trend is largely due to the 15% jump in crude oil prices seen in July .
Today, there are only 11 major refineries that can produce gasoline that meets California’s specific environmental standards. Those 11 refineries produce 90% of California’s gas and diesel ...
Over the long term, they found that gasoline prices could increase by $1.15 per gallon and diesel by $1.50 per gallon from 2031 to 2046. They also projected a $1.21 jump in jet fuel prices.
From California’s statewide average of $5.89 per gallon in September, the average price for a gallon of regular gas dropped more than a dollar (to $4.62) by t he end of the year.
The average price of regular gasoline rose from $1.773 during the week of April 27, 2020, to $5 as of June 11, 2022, an all-time high. [37] California led the nation in gas prices with an average gallon of regular gas in the state reaching $6.43 as of June 11, 2022. [38]
The price in California is up more than $1 from its average of $5.268 as recently as September, and is only slightly below the state’s record high of $6.438 a gallon set in June 2022.
On average, as of April 2019, state and local taxes and fees add 34.24 cents to gasoline and 35.89 cents to diesel, for a total US volume-weighted average fuel tax of 52.64 cents per gallon for gas and 60.29 cents per gallon for diesel. [3]
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