Gasoline Price More Expensive Than Year Ago Levels

The price of regular gasoline in the U.S. is more expensive than year ago levels, according to data from the U.S. Energy Information Administration (EIA), AAA Gas Prices, and GasBuddy.

In its most recent gasoline and diesel fuel update, which was released on January 23, the EIA pegged the U.S. regular gasoline price at $3.415 per gallon. The fuel update highlighted that this figure was $0.092 higher than a year ago.

AAA Gas Prices put the average price of regular gasoline in the U.S. at $3.509 per gallon, as of January 27, and the year-ago average price $0.161 lower at $3.348 per gallon. GasBuddy’s live ticking average for regular gasoline in the U.S. was $3.486 per gallon, as of 5.20am EST on January 27, which the organization outlined was $0.1 higher than last year’s average.

“The recent rising temperatures led to rising pump prices,” AAA spokesperson Andrew Gross said in a statement posted on the AAA Gas Prices website on January 23.

“And with the cost of oil hitting $80 a barrel, there is a lot of upward pressure on gas prices at the moment,” he added in the statement.

After closing under $73 per barrel on January 4, WTI prices rose to a close of $81.62 per barrel on January 23. Brent closed under $78 per barrel on January 4 and at $88.19 per barrel on January 23.

What Do You Pay for in a Gallon of Gasoline?

According to the EIA’s latest fuel update, which pinned the retail price of regular gasoline at $3.21 per gallon last month, 58 percent of that total went towards crude oil costs, 18 percent went towards distribution and marketing costs, 16 percent went towards taxes, and 9 percent went towards refining costs.

In a fuel update released on December 27, which had the retail price of regular gasoline at $3.69 per gallon in November, the EIA outlined that 55 percent of that total went towards crude oil costs, 18 percent went towards distribution and marketing costs, 14 percent went towards taxes, and 13 percent went towards refining costs.

The EIA’s latest fuel update, which pegged the retail price of diesel in December at $4.71 per gallon, showed that 39 percent of that total went towards crude oil costs, 27 percent went towards distribution and marketing costs, 22 percent went towards refining costs, and 12 percent went towards taxes.

The December 27 fuel update, which had the retail price of diesel in November at $5.26 per gallon, showed that 39 percent of that total went towards crude oil costs, with 28 percent going towards refining costs, 22 percent going towards distribution and marketing costs, and 11 percent going towards taxes.

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