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Updated April 19, 2024 at 7:00 AM. At the time of writing, the national average price of regular gas is $3.62 per gallon, $0.02 higher than this time last year. Drivers who use premium gas are ...
In 2022, oil prices hit record highs of over $5 a gallon primarily on supply shocks following Russia's invasion of Ukraine at a time global fuel demand was surging due to easing COVID-era lockdowns.
In the first week of May 2020, gas prices fell below $1.80, nearly the lowest in history when adjusted for inflation. By the second week of June 2022, they peaked above $5 -- a record high.
While prices have come down since the peak in June, prices were beginning to tick up again. Gas prices hit $3.79 a gallon the week of September 29, 2022, up from $3.73 on September 23, 2022 — an increase of $0.06 per gallon over the last week. [14] Since October 10, 2022, the price of gasoline has gone down again.
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.
Gas prices are rising again, ... October 6, 2022 at 4:25 PM. ... USA TODAY 'Bachelorette' finale reveals Jenn Tran's final choice — and how it all went wrong.
In November 2021, the White House announced the release of 50 million barrels (7,900,000 m 3) to address high gasoline prices. [45] [46] On March 1, 2022, President Biden announced the release of 30 million barrels of oil from the reserve in response to Russia's invasion of Ukraine. [47]
Separate data from AAA show the nationwide average for gas prices is $3.217 per gallon, down 17% from a year ago. Most states in the South and parts of the Midwest already pay less than $3 ...