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Gasoline and Diesel nominal price development 1993 to 2014 in Switzerland (CHF/L). Most European countries have higher fuel taxes than the US, but Russia and some neighboring countries have a much smaller tax, with fuel prices similar to the US. [1] Competitive petrol pricing in the UK is led by supermarkets with their own forecourts.
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.
After the destruction of Hurricane Katrina in the United States, gasoline prices reached a record high during the first week of September 2005. The average retail price was, on average, US$3.04 per U.S. gallon. [19] The average retail price of a liter of petrol in the United Kingdom was 86.4p on October 19, 2006, or $6.13 per gallon. [20]
The US energy market is complex and there’s no single cause for higher diesel prices. Part of the explanation is a 4% reduction in diesel refining capacity that began in 2020, when oil prices ...
The AA said the average price of a litre of the fuel reached 151.21p on Thursday. ... 800-290-4726 more ways to reach us. Mail. Sign in. Subscriptions; Animals. Business. Elections. Entertainment.
Contact us; Contribute Help; ... Gas prices may refer to: Gasoline and diesel usage and pricing; Natural gas prices
In 2008, oil prices rose briefly, to as high as $145 per barrel, [25] and U.S. gasoline prices jumped from $1.37 to $2.37 per gallon in 2005, [26] causing a search for alternate sources, and by 2012, less than half the US oil consumption was imported.
This method of softening price shocks is even less viable to countries with much lower gas taxes, such as the United States. Locally decreasing fuel tax can decrease fuel prices, but globally prices are set by supply and demand, and therefore fuel tax decreases may have no effect on fuel prices, and fuel tax increases might actually decrease ...