It has been a year since the price of regular gasoline reached a high of about $5 for the first time. Despite concerns that it would remain at that level due to high oil prices, it eventually dropped. However, it stayed above $4 for several weeks, contributing to a surge in inflation.
inflation rates have recently decreased, partially due to a significant decline in gas prices. The state that has experienced the most noticeable drop is Mississippi, where the current price stands at $2.93.
The price of an average gallon of regular is currently $3.54 nationwide. That is down from $4.84 a year ago. Fluctuations in oil prices are always the primary factor influencing gas price changes. Last June, crude oil reached $120 per barrel, whereas last week it was approximately $70.
Another factor contributing to low gas prices is the proximity to major refinery locations, particularly along the Gulf of Mexico, south of Houston. Mississippi is as nearby as almost any other state. As proof of the matter, several states close to Houston have the lowest gas prices in the country, including Louisiana at $3.02 and Alabama at $3.06.
State gas taxes, which are less known compared to oil prices, also play a role in gas prices. The national average for state gas taxes is $0.571. Mississippi has the second-lowest state gas tax at $0.372, highlighting the impact of government policies on consumer gas prices in. (These are the most fuel-efficient new SUVs in America.)
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