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In the US, State gax taxes range pretty widely .. from around 8 cents/gallon in Alaksa to 38 cents in Illinois which causes much of the discrepancies. Hawaii is around 38 cents/gallon also.
Other factors contribute too, of course.
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Major factors on current high gas prices:
1. Venezuela
2. Iraq
3. Low US oil reserves
The US imports about 3 times as much oil from Venezuela as Iraq.
Venezuelan oil workers are still on strike. The US is still importing at 50% of normal capacity though.
US crude supplies at their lowest in 25 years.
Interesting. With modern drilling equipment and increased stability, industry experts think Iraq could yield more than twice as much oil as it does now.
Some analysts think some countries are hoarding gas reserves and will release them on the market as prices rise, especially at the onset of a war.
The International Energy Agency will probably release 1-2 million barrels a day of reserve crude oil at the onset of a war though so will be interesting to see those two factors in play at the same time.
More from Venezuela? More from Iraq? Who knows. At any rate, a lack of a stable substantial back-up supply weighs heavily on prices.
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