KEY POINTS
- States that have strict environmental policies typically have the highest gas prices.
- The distance that fuel needs to be transported also influences the cost of gasoline.
- At present, Hawaiians have the highest gas prices per gallon compared to other states.
Gasoline prices are dropping across the country, although residents of states with already high prices may not notice a significant change. credit card The costs have increased as a consequence.
Even though the price of regular unleaded gasoline dropped to $3.472 per gallon on August 5, 2024, it seems that some states have not received this information. Below are the states where drivers will still have to pay the highest prices per gallon.
What is the determining factor for the price?
As long as refueling your vehicle has an effect your individual financial situation It is important to note that prices are not arbitrarily decided. According to the U.S. Energy Administration (EIA), there are four primary factors that influence the amount you will be charged at the gas station.
The price of unrefined oil
The price of gasoline is mainly influenced by the cost of crude oil. Whenever there is a rise in U.S. oil production, gas prices tend to decrease. Conversely, if production decreases, you can anticipate a rise in gas prices.
2. Taxes
Federal, state, and local government taxes play a role in determining the retail price of gasoline, and the amount of taxes can differ significantly depending on the city and state. If you reside in an area with high gasoline taxes, you will be paying these taxes whenever you refuel your vehicle.
The price of refining crude oil fluctuates depending on the season, as well as the addition of certain additives to gasoline. The daily and hourly fluctuations in gas prices are a result of the constantly changing expenses associated with the process of refining crude oil into gasoline.
The dissemination and promotion of products or services.
Gasoline sellers aim to generate profits by adjusting prices based on demand. Higher prices are typically seen during peak seasons like summer when more people are driving. Stations in remote areas with limited competition can charge more, whereas those in competitive areas may need to lower their prices to attract customers.
Resisting expensive costs
Surely, you have observed that there is now an application available for almost everything these days. clearing debt Monitoring your monthly household expenses is important. Luckily, there are numerous applications available that can assist you in cutting costs on fuel. Here are a few of the widely used choices.
Gas Guru
By utilizing information from the Oil Price Information Service (OPIS), Gas Guru shows you the locations in your vicinity where gas prices are the most affordable. You have the option to refine your search by price, the type of fuel you prefer, and the distance you are willing to travel.
Fuelio
Fuelio not only helps you locate the most affordable gas but also keeps a record of your refills, offers a mileage history, and assists in monitoring various vehicle costs such as tolls, parking charges, and visits to the auto repair shop.
GasBuddy
GasBuddy is likely the most well-known gas application. You simply enter your ZIP code, and the app will display the prices of gas at nearby gas stations. It is one of the easiest apps to navigate.
AAA TripTik Travel Planner is a tool used for planning travel itineraries.
Being an AAA member is not a requirement to use the AAA TripTik Travel Planner app. The app displays gas stations and their prices in your local area and can assist you in organizing a road journey. With over 85,000 gas stations across the United States included in its database, locating the most affordable gas is simple regardless of your location.
Although you may not have the ability to influence gas prices, using technology can assist you in reducing the amount of money you spend.
