Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Tesoro Corporation (TSO), Chevron Corporation (CVX) & More: Does Your State Have the Most Expensive Gasoline in America?

Page 1 of 2

Growing up, there was always one gas station in town my family avoided at all costs. That station had the highest prices, of course, and was only for the foolish or desperate. It made more sense — and saved more cents — to travel an extra mile or so to the cheaper station. But some Americans are simply out of luck when it comes to tracking down cheap gas. Today we’ll take a look at the states where it costs the most to fill up, and why relief may be nowhere in sight.

It's Time to Sell These 4 Surging Stocks

Pain at the pump
These days, if you are fortunate enough to live in a tropical paradise, you are also unfortunate enough to pay the highest average price for gasoline in the country. Hawaii is first on the list of the five states with the most expensive gas:

Rank State Regular Gasoline
1 Hawaii $4.39
2 California $4.02
3 Alaska $4.01
4 District of Columbia $3.90
5 New York $3.85

Source: AAA

Hawaii only has two operating oil refineries. Tesoro Corporation (NYSE:TSO) plans to close the one it owns, Chevron Corporation (NYSE:CVX) owns the other, and the cost of shipping crude oil out there is the main reason that gas is so expensive. California is ranked second largely because it has the highest taxes on gas in the country. The combined local, state, and federal taxes tack on just shy of $0.69 per gallon, according to the American Petroleum Institute.

What’s in a gas price?
Historically, there has always been more to gas prices than the price of oil. Federal, state, and local taxes, as well as the fees slapped on as gasoline changes hands before it hits your tank, all contribute to the price of gasoline.

The first gasoline tax began in 1919, and 10 years later every state in the union had imposed its own fee on gasoline sales. The revenue collected was used to build out roads and highway infrastructure. In 1929, the taxes brought in $431.4 million, allowing close to half of all states to eliminate property taxes as a source of highway funding.

Page 1 of 2
Loading Comments...