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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.
The current national gas price average is $3.62 per gallon. The average cost of gas has decreased 15% in the last two years, from when it was $4.27 per gallon. The highest recorded average price ...
The price per gallon of gas is seen at a gas station on Dec. 12, 2023 in Miami as the national average for unleaded gas was $3.14 a gallon on Dec. 12, according to AAA.
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One GGE of natural gas is 126.67 cubic feet (3.587 m 3) at standard conditions. This volume of natural gas has the same energy content as one US gallon of gasoline (based on lower heating values: 900 BTU/cu ft (9.3 kWh/m 3) of natural gas and 114,000 BTU/US gal (8.8 kWh/L) for gasoline). [22]
Separate from the Highway Trust Fund is the Leaking Underground Storage Tank Trust Fund, which receives an additional 0.1 cents per gallon on gasoline and diesel, making the total amount of tax collected 18.5 cents per gallon on gasoline and 24.5 cents per gallon on diesel fuel.
Paying over $8 per gallon for gas may seem horrible, but last summer, Norwegians faced costs of over $10 per gallon. Despite the recent price drop, in Norway gas still costs more than twice U.S ...
In 2014, the Indiana state legislature passed a law that cut the corporate income tax from 8.50% in 2014 to 6.25% in 2016, with further decreases to be phased in until the rate falls to 4.9% in 2022. [5] Indiana is the only state that imposes corporate income taxes based on fiscal year instead of calendar year.