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5 States With the Highest Gas Prices in the US

In this article, we are going to discuss the 5 states with the highest gas prices in the US. If you want to check out our detailed analysis of the global oil and gas market, the reason why gas is so cheap in America, and steps taken by major oil companies to achieve net zero by 2050, head to 20 States With the Highest Gas Prices in the US.

5. Oregon

Price of Gas per Gallon: $4.256

Although Oregon has a much lower gas tax ($0.38 per gallon) than its neighboring Washington – one reason why the state has a harder time funding highway and bridge improvements – it still has high pump prices largely because of the state’s ban on self-serve gas. Stations need employees to pump gas for drivers in the Beaver State and have to charge more at the pump to cover the labor cost. On top of that, 35 cities and counties in Oregon add their own tax.

4. Nevada

Price of Gas per Gallon: $4.454

Although gas prices are still very high in the Silver State, they have fallen by almost 9.6% from a month ago, when the average price in the state stood at $4.926. It is also well below the all-time high of $5.68 recorded in June 2022. One of the key factors contributing to Nevada’s high gas prices is the state’s limited domestic production, with the majority of its supply being imported from neighboring states like Utah and, primarily, California. 

3. Washington

Price of Gas per Gallon: $4.569

Washington has one of the highest gas taxes in the country at 49.4 cents per gallon. Those taxes are how the state has funded many recent highway projects.

Washington lawmakers embarked in early 2012 to learn if charging drivers for the miles they travel could eventually replace taxing them on every gallon of fuel they buy. The concern then, and now, is that gas tax receipts are in a slow decline as passenger cars get more fuel efficient and electric vehicles become more prevalent.

2. Hawaii

Price of Gas per Gallon: $4.75

Although Hawaii has no proved crude oil reserves or production, it does refine crude oil into petroleum products. The local Oahu refinery supplies much of Hawaii’s demand for petroleum products, but the state also imports refined petroleum products, including jet fuel, propane, low-sulfur diesel fuel, and motor gasoline, from countries in Asia, the Caribbean, and South America.

Energy prices in Hawaii skyrocketed after Russia’s invasion of Ukraine in 2022, which prompted Russian oil embargoes. Before the war, Russia provided about 25-30% of Hawaii’s oil.

1. California

Price of Gas per Gallon: $5.125

California is the state with the highest gas prices in U.S.A. A major factor behind this is the high local taxes, as taxes can make up about 13% of the price of a gallon of gas, according to the U.S, Energy Information Administration.

Moreover, since 1992, the Golden State has required gas stations to sell a special gasoline blend that reduces smog, and that special blend also adds between 10-15 cents to the gas price. Another contributing factor to California’s high gas prices is the reliance on local production and nearby refineries, some of which were recently shuttered for maintenance.

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 20 Countries that Produce the Most Motor Vehicles in 2023 and 12 Most Expensive Cigars in the World in 2023.

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Dr. Inan Dogan

Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
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And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

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Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

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  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

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Dr. Inan Dogan

Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

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