Image Credit: Mike Mozart / CC
By Samuel Stebbins [24/7 Wall St. via The Center Square] –
Fuel prices are surging in the United States, hitting highs not seen in nearly a decade and a half. The average cost of a gallon of regular gasoline now stands at $4.06, 62 cents more than just one month ago.
The price spike is due to several factors. Most notably, the Russian invasion of Ukraine is leading to reduced supply of oil and gas, as many would-be buyers are cutting consumption of Russian oil. Russia is traditionally the third largest oil supplier in the world, accounting for 11% of global production. Here is a look at the 15 countries that control the world’s oil.
Even before the outbreak of war in Eastern Europe, fuel prices were on the rise. The ongoing reopening of the U.S. economy has contributed to rising demand for fuel – and to broader inflation concerns. Meanwhile, domestic supply of fuel has been limited, as oil companies have cut investments in new wells in recent years to improve profitability.
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The total price motorists pay at the pump is the product of several factors, including the price of crude oil – largely determined by global supply and demand – and taxes. The U.S. government levies a gasoline tax of 18.4 cents per gallon, while states are free to set their own gas tax rate. As of January 2021, Tennessee taxed gasoline sales at a rate of 27 cents per gallon.
| Rank | State | 1-month increase in gas price ($ per gal.) | Avg. gas price on March 7, 2022 ($ per gal.) | Avg. gas price on Feb 7, 2022 ($ per gal.) |
|---|---|---|---|---|
| 1 | Alabama | 0.75 | 3.91 | 3.16 |
| 2 | Rhode Island | 0.74 | 4.18 | 3.44 |
| 3 | Nevada | 0.73 | 4.59 | 3.86 |
| 4 | Tennessee | 0.72 | 3.87 | 3.15 |
| 5 | Delaware | 0.72 | 4.11 | 3.39 |
| 6 | Georgia | 0.72 | 3.97 | 3.25 |
| 7 | Massachusetts | 0.72 | 4.16 | 3.44 |
| 8 | Connecticut | 0.71 | 4.28 | 3.57 |
| 9 | North Carolina | 0.71 | 3.93 | 3.21 |
| 10 | Virginia | 0.71 | 3.98 | 3.27 |
| 11 | New Hampshire | 0.71 | 4.07 | 3.37 |
| 12 | South Carolina | 0.70 | 3.88 | 3.18 |
| 13 | Maryland | 0.70 | 4.10 | 3.40 |
| 14 | Louisiana | 0.69 | 3.87 | 3.18 |
| 15 | Illinois | 0.69 | 4.30 | 3.62 |
| 16 | Kentucky | 0.68 | 3.81 | 3.13 |
| 17 | New York | 0.67 | 4.26 | 3.59 |
| 18 | New Jersey | 0.67 | 4.17 | 3.50 |
| 19 | Mississippi | 0.66 | 3.75 | 3.09 |
| 20 | California | 0.66 | 5.34 | 4.68 |
| 21 | Michigan | 0.66 | 4.03 | 3.37 |
| 22 | Indiana | 0.63 | 3.99 | 3.36 |
| 23 | Maine | 0.63 | 4.09 | 3.47 |
| 24 | Wisconsin | 0.62 | 3.83 | 3.21 |
| 25 | Pennsylvania | 0.62 | 4.24 | 3.61 |
| 26 | Texas | 0.62 | 3.73 | 3.11 |
| 27 | Alaska | 0.62 | 4.40 | 3.78 |
| 28 | West Virginia | 0.60 | 3.89 | 3.29 |
| 29 | Arkansas | 0.60 | 3.69 | 3.10 |
| 30 | New Mexico | 0.59 | 3.89 | 3.30 |
| 31 | Oregon | 0.58 | 4.51 | 3.93 |
| 32 | Ohio | 0.57 | 3.83 | 3.27 |
| 33 | Vermont | 0.56 | 4.05 | 3.49 |
| 34 | Florida | 0.54 | 4.01 | 3.47 |
| 35 | Oklahoma | 0.53 | 3.65 | 3.11 |
| 36 | Kansas | 0.52 | 3.68 | 3.16 |
| 37 | Missouri | 0.51 | 3.63 | 3.11 |
| 38 | Nebraska | 0.50 | 3.73 | 3.23 |
| 39 | Washington | 0.49 | 4.45 | 3.96 |
| 40 | Minnesota | 0.49 | 3.77 | 3.28 |
| 41 | Iowa | 0.49 | 3.72 | 3.23 |
| 42 | Arizona | 0.49 | 4.13 | 3.64 |
| 43 | Utah | 0.48 | 3.86 | 3.37 |
| 44 | Idaho | 0.44 | 3.96 | 3.52 |
| 45 | North Dakota | 0.44 | 3.73 | 3.29 |
| 46 | Colorado | 0.43 | 3.75 | 3.32 |
| 47 | South Dakota | 0.43 | 3.70 | 3.27 |
| 48 | Wyoming | 0.40 | 3.74 | 3.34 |
| 49 | Montana | 0.39 | 3.80 | 3.41 |
| 50 | Hawaii | 0.29 | 4.70 | 4.41 |
2 Responses
I love how this person spins this article. Talk about a lot of misinformation. First he alludes to the spike in fuel because of Russia. Not that this is contributing to the increase but the fact he never mentions that the biden administration cancelled everything that President Trump did to make America energy independent. America was exporting energy to the world. And all the spending the biden’s administration is doing has increased inflation. That is the real cause.
In God we trust not man nor government.
When we pumped our own oil we werent dependent on Russia nor OPEC. That is solely a Biden failure.