Gas Prices Are Soaring, I Pay $3.28, How Much Do You Pay?

Southern Utah Gas Price

The price I paid today in Southern Utah is $3.279 per gallon as captured above. 

Note the octane ratings: 85, 87, 89, 91. In the Midwest I never saw 85. 

Here, depending on station, the ratings are frequently 85, 88, 91. So you have to be careful about what you are putting in the tank.

Cash Price

Given that no one wants to handle cash, the real price, but for wimpy 85 octane is $3.149 per gallon.

US Gasoline Prices 2020-Present

I created these chart from a US EIA Energy Information Administration data download.

US Gasoline Prices 2000-Present

There is a much wider variance in gas prices by region and state now vs 2000-2009.

Gasoline Prices Roar Back

The national average gas price per gallon was $2.37 before Covid hit. The price plunged to $1.66 for the week of April 27, 2020 and has since roared back to $2.78 per gallon.

Gas Taxes 

The above chart from the Tax Foundation. 

California pumps out the highest tax rate of 62.47 cents per gallon, followed by Pennsylvania (58.7 cpg), Illinois (52.01 cpg), and Washington (49.4 cpg).

You’ll find the lowest gas tax in Alaska at 13.77 cents per gallon, followed by Missouri (17.42 cpg) and Mississippi (18.79 cpg).

Regional and Local Variances

The Wall Street Journal says Leap in Gas Prices Puts $3 a Gallon in Sight.

We are already there and then some where I am. 

Moreover, to put a spotlight on local variances, I was in Death Valley last week. There I paid $5.00 a gallon. 

Fed Commits to "Full Range of Tools" Seeks Inflation Above 2% "For Some Time"

Please recall Fed Commits to "Full Range of Tools" Seeks Inflation Above 2% "For Some Time"

By my estimation, we are already there.

Meanwhile, please note Inflation is Poised to Soar, 3% by June is "Almost Certain"

Finally, please consider a Reader Question: What Would I do Differently Than the Fed?

Mish