What's in the price of a gallon of gas?
The EIA says crude shocks from the Iran war are lifting pump prices as Georgia suspends its gas tax and the White House issues a Jones Act waiver.
- The U.S. Energy Information Administration expects nationwide retail gasoline prices to average near $4.30 a gallon for April 2026, the highest monthly average of the year. Severe disruptions to shipping through the Strait of Hormuz and attacks on Middle East oil infrastructure have driven the surge.
- In light of the war's effect on gas prices, the Trump administration has temporarily suspended the Jones Act requirements to help move domestic fuel to East Coast ports. The 1920 law typically restricts cargo between U.S. ports to U.S.-registered vessels.
- Crude oil accounts for about 51% of the pump price, making it the dominant cost factor. Energy economist Severin Borenstein attributes California's "mystery gasoline surcharge" to reduced competition between refineries and gas stations in that state.
- Research on past gas tax holidays shows consumers receive about 79% of the tax reduction, while oil companies and fuel retailers keep roughly one-fifth of the cut. This limited pass-through explains why politicians' proposed relief offers less savings than advertised.
- Most drivers cannot quickly reduce fuel consumption when prices rise, so gasoline demand remains steady in the short run. Economists suggest the best protection against oil price shocks is shifting to more efficient vehicles or those that do not burn gasoline at all.
16 Articles
16 Articles
What Goes Into the Price of a Gallon of Gas?
Republished with permission from The Conversation, by Robert I. Harris, Georgia Institute of Technology The U.S. Energy Information Administration expects nationwide retail gasoline prices to average near US$4.30 a gallon for April 2026 – the highest monthly average of the year. The political response has been familiar. Georgia has suspended its state gas tax, other states are weighing their own tax holidays, and the White House has issued a tem…
The Conversation
What’s in the price of a gallon of gas?
Gas prices were well over $4 a gallon on April 28, 2026, in Brooklyn, N.Y. Spencer Platt/Getty ImagesThe U.S. Energy Information Administration expects nationwide retail gasoline prices to average near US$4.30 a gallon for April 2026 – the highest monthly average of the year. The political response has been familiar. Georgia has suspended its state gas tax, other states are weighing their own tax holidays, and the White House has issued a tempor…
What’s in the price of a gallon of gas? - Stateline Publications
The U.S. Energy Information Administration expects nationwide retail gasoline prices to average near US$4.30 a gallon for April 2026 – the highest monthly average of the year. The political response has been familiar. Georgia has suspended its state gas tax, other states are weighing their own tax holidays, and the White House has issued a temporary waiver of a law known as the Jones Act in hopes of moving more domestic fuel to East Coast ports.…
What’s in the price of a gallon of gas? - The Mexico Ledger
The U.S. Energy Information Administration expects nationwide retail gasoline prices to average near US$4.30 a gallon for April 2026 – the highest monthly average of the year. The political response has been familiar. Georgia has suspended its state gas tax, other states are weighing their own tax holidays, and the White House has issued a temporary waiver of a law known as the Jones Act in hopes of moving more domestic fuel to East Coast ports.…
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