The States With The most affordable Fuel
Since June, gasoline costs have climbed kind of steadily and are actually 35 cents per gallon larger than they had been a 12 months in the past. In line with AAA’s every day gas gauge report, which measures gas prices across the country, fuel costs have hit each day record highs at least once in every of the past six weeks. In Michigan and Ohio, costs rose by 50 cents per gallon in the past yr. As of October eight, there are seven separate states with fuel prices above $4.00 per gallon.
While the price on the pump has risen in each state compared to a yr ago, in some states the worth of gasoline has elevated at a much slower fee, and lots of are much nearer to $3.50 than to $4.00 per gallon, properly beneath the national common worth. In 10 states the average value of a gallon of fuel is $three.60 or less – 18 cents lower than the national common of $3.78 per gallon.
24/7 Wall St. reviewed fuel prices across all states. We found that considered one of the most important elements that decided value was a state’s geographic location. Being near refining capability helps cut out the costs of transporting the fuel. Consequently, a lot of the states with low gasoline costs are located on or near the Gulf of Mexico, the place the vast majority of the nation’s oil harvesting and refining takes place. 4 of the 5 states that touch the Gulf of Mexico are amongst the ten with the lowest gasoline prices in the nation. Three extra states on this record – Arkansas, Tennessee and Georgia – are instantly adjacent to one of the Gulf states.
Gasoline taxes are one other essential difficulty that impacts gasoline prices. Of the ten states with the bottom prices, eight have among the 15 lowest taxes per gallon of fuel. However the connection between gas taxes and price is removed from perfect. Alaska has the lowest gasoline taxes at simply eight cents per gallon however the second-highest gasoline prices. 4 of the five states with the bottom gasoline taxes, together with Alaska, will not be amongst the 10 with the least costly gasoline.
Whereas national fuel costs rose over the past yr, they fell by five cents per gallon previously month. The states on our list have been the driving pressure in that decline. Gas costs dropped in 23 states compared to a month in the past. Fuel costs in all 10 states with the most affordable gas price 1 petroleum engineering 9th have fallen, together with Georgia, where the associated fee per gallon is down by 24 cents.
Primarily based on AAA’s Every day Fuel Gauge report, 24/7 Wall St. identified the states with the least expensive common worth of a gallon of unleaded gasoline as of October 2. AAA also provided the change in average gasoline prices by state one week, one month and one yr in the past. 24/7 Wall St. also examined the number of refineries and whole refining capacity as of January 1, 2012, supplied by the U.S. Vitality Data Administration. From the American Petroleum Institute, we obtained state gasoline taxes, which had been also as of the start of this 12 months. This consists of state gasoline excise taxes, as well as other taxes (together with gross sales tax). 24/7 Wall St. also obtained the relative total cost of living, and the cost of paying for transportation, from The Missouri Economic Research and information Middle for the second quarter of 2012.
These are the ten states with the most cost effective fuel.
1. South Carolina
>Regular gas price per gallon: $3.Forty nine
>Tax per gallon: Sixteen.Eight cents (4th lowest)
>Number of working refineries: 0
Nowhere is fuel cheaper than in South Carolina, where gasoline is 28 cents per gallon cheaper than the national average, and three cents cheaper than the second-cheapest state, Mississippi. Contributing to low costs are some of the lowest gas taxes within the nation; South Carolina prices an excise tax of just 1 petroleum engineering 9th sixteen cents per gallon and different charges and taxes of only zero.8 cents per gallon. On September 15, 2008, costs hit their historical peak within the state, at $4.12. In June, gasoline costs fell under $three per gallon.
>Regular fuel price per gallon: $3.52
>Tax per gallon: 18.Eight cents (7th lowest)
>Number of operating refineries: 3
Final 12 months, Mississippi had a median household revenue of just $36,919, making it the poorest state within the nation by that measure. Though the state’s economic system is suffering, there has only been a 25 cents per gallon increase in Mississippi’s gasoline prices over the past year, compared a rise of 36 cents nationally. The state presently fees just 18.8 cents in state taxes per gallon of gasoline, lower than all however six states. Prices also were kept down by an in depth proximity to the nation’s largest oil refiners, Louisiana and Texas.
>Regular gas value per gallon: $3.53
>Tax per gallon: 20.9 cents (14th lowest)
>Number of working refineries: Three
One yr ago, gasoline cost $3.30 a gallon in the state, in comparison with a median of $3.Forty two nationwide. At the moment, gas costs in 12 states were cheaper than in Alabama. Since then, the state’s costs have risen by solely 24 cents per gallon compared to a nationwide common increase of 36 cents per gallon, making fuel within the state far cheaper relative to the rest of the United States. The state helps keep prices low for drivers by limiting gas taxes. The state’s excise tax of 16 cents a gallon is among the lowest within the county.
>Regular fuel worth per gallon: $Three.Fifty three
>Tax per gallon: 21.Four cents (fifteenth lowest)
>Number of operating refineries: 1
As of the second quarter of this 12 months, no state was cheaper to dwell in than Tennessee. One main reason for the state’s low relative price of dwelling was its low transportation costs, regardless of beginning 2012 with 4 consecutive months of gas price will increase. Though the state has only one refinery, the price of gasoline is 24 cents per gallon beneath the national common value. Up to now month, gas costs in Tennessee have fallen by 12 cents a gallon, considered one of the largest decreases in the nation.
>Common gas worth per gallon: $Three.54
>Tax per gallon: 20 cents (tied for eleventh lowest)
>Variety of working refineries: 26
Texas is the nation’s largest oil refiner, processing virtually 4.Sixty six million barrels per day – more than a quarter of the nation’s output – in its 26 operating refineries. Like Louisiana, the state additional helps keep gasoline prices low by not charging any state taxes other than a 20-cent excise tax. Two of the largest public companies in the nation, Exxon Mobil Corp. (NYSE: XOM) and Phillips 66 (NYSE: PSX), are Texas-based mostly oil companies.
>Common gasoline price per gallon: $3.57
>Tax per gallon: 20 cents (tied for eleventh lowest)
>Variety of operating refineries: 18
Only Texas refines more oil into gasoline than Louisiana, which has 18 working refineries processing practically 3.2 million barrels per calendar day. The abundance of regionally processed fuel and the total absence of any state gas taxes except for an excise tax make journeys to the pump highly inexpensive. The state can be house to the Louisiana Offshore Oil Port, which, in keeping with the EIA, is the nation’s only port for offloading deep draft oil tankers.
>Common gas price per gallon: $Three.Fifty eight
>Tax per gallon: 17.Three cents (6th lowest)
>Variety of operating refineries: Zero
Although one year ago Missouri had the most affordable gas in the U.S. in the past year the value of gas has risen by 45 cents per gallon – more than in another state. Despite the absence of any in-state refineries, Missouri has some of the nation’s lowest fuel taxes, permitting gas to be bought at comparatively low prices. Among the many state’s metropolitan areas, St. Louis has the cheapest gasoline at simply $3.49 per gallon.
>Common fuel price per gallon: $3.58
>Tax per gallon: 21.8 cents (16th lowest)
>Number of operating refineries: 2
Arkansas has access to regionally refined gasoline. It has two refineries of its personal, and it borders Louisiana and Texas, the two largest oil refiners in the country as measured by barrels per day. Having numerous refineries nearby helps decrease the worth of fuel for Arkansas drivers, who presently pay 18 cents less per gallon than the national common of $3.78 a gallon. Arkansas additionally prices simply zero.Three cents in other taxes per gallon in excise taxes.
>Regular gas value per gallon: $Three.58
>Tax per gallon: 28.6 cents (twentieth highest)
>Variety of working refineries: Zero
Georgia’s excise tax of 7.5 cents per gallon of fuel is lower than any state aside from Florida’s. But with 21.1 cents per gallon in other charges and taxes, Georgians truly pay extra in gasoline taxes than residents of 30 different states. High taxes likely contributed to the state’s relatively greater transportation costs midyear – the most expensive amongst those states with the lowest gasoline costs. The good news for drivers, however, is that the worth of gasoline has fallen by 24 cents per gallon over the past month, more than in any other state.
>Regular gas value per gallon: $3.60
>Tax per gallon: 20.1 cents (thirteenth lowest)
>Number of working refineries: 0
In the second quarter of 2012, the relative value of transportation in Virginia was among the many country’s lowest. Low gasoline costs are seemingly one motive for this. Virginia can also be one of many wealthiest states in the country, with a median household earnings of $61,882 as of last year. Presently, Virginia fees 20.1 cents per gallon in whole taxes and fees – greater than 10 cents per gallon under the nationwide average and inline with different states the place fuel is cheap
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