Gas prices have significantly decreased, averaging $3.03 per gallon nationwide and dropping in 28 states below $3, offering financial relief during inflation. This decline is primarily driven by the price of crude oil, which fell from $80 to $68 per barrel. Geographical factors play a role, with states closer to refineries, such as Oklahoma and Mississippi, enjoying lower prices. Additionally, state taxes on gasoline vary greatly, with California imposing the highest rates, while Southern states benefit from much lower taxes, further influencing regional gas prices.
The nationwide average price for a gallon of regular gasoline has fallen to $3.03, with 28 states now seeing prices below $3, alleviating inflation pressure.
The decline in gas prices from $80 to $68 per barrel is significantly impacting consumer pocketbooks, where gas contributes 3% to 4% of average household expenses.
Regions near refineries, particularly along the Gulf of Mexico, experience some of the lowest gas prices, as seen in states like Oklahoma and Mississippi.
State taxes greatly influence gas prices, with California having the highest at $0.8655 per gallon, while states like Texas and Oklahoma benefit from lower taxes.
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