Gasoline Price

Even though they usually start to decrease this time of year, the average price for a gallon of gasoline in the United States hit $3.27 this week. That's its highest price in seven years, and it's almost double what it was last spring when roads and runways were nearly empty because of the COVID pandemic. There are several components to the price of gasoline. The cost of getting it to gas stations, Federal and state taxes. The cost of refining it, the profits gas companies make, they all factor in, but the biggest chunk of what we pay, accounting for 43 percent of the cost of gasoline is the price of the crude oil gas is made from. And not coincidentally , crude is also at its highest price in seven years at just over $80 per barrel.