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The national average price for a gallon of regular gasoline in the U.S. hit an all-time high at $5.014 on Monday, according to AAA.

There are several factors behind why a gallon of gas can go over $5 a gallon. Here’s what we know about gas prices and how they are determined:

What makes up the price of gasoline?

Four factors make up the cost of a gallon of gas:

· The cost of crude oil.

· The cost of refining the crude oil.

· Distributing and marketing the oil.

· Federal and state taxes that are applied to each gallon of gas sold.

The cost of crude oil accounts for at least half of the price per gallon.

What determines the price of crude oil?

According to the American Petroleum Institute, “U.S crude oil prices are determined by global fundamentals, including supply and demand, inventories, seasonality, financial market considerations and expectations.”

How much does it cost to refine gasoline?

The cost to refine gasoline varies between 40 cents and 70 cents per gallon, depending on various factors.

What is the cost of distributing the oil?

The cost to transport the refined oil to service stations runs about 27 cents per gallon.

What about taxes? Is there a set rate?

Taxes vary by state. In addition to the basic state tax, additional taxes and fees such as sales taxes, gross receipts taxes, oil inspection fees, county and local taxes, underground storage tank fees and other miscellaneous environmental fees can be added to the cost of a gallon of gas.

The federal gas tax is the same for every state — 18.4 cents — an 18.3% tax plus a 0.1 cent charge for leaking underground storage tank fees.

Below is a chart that shows the gas tax for each state as of Jan. 1, 2022.

States State tax

per gallon

(in cents)

Other state,

fees, taxes

(in cents)

Total

state tax

(in cents)

Total state

and federal

tax per gallon

(in cents)

Alabama 28 0.012 29.2 49.46
Alaska 8 0.0095 8.95 27.35
Arizona 18 0.01 19 37.4
Arkansas 24.5 0.003 24.8 43.2
California 51.1 0.077 58.8 77.2
Colorado 22 0.0156 23.56 41.96
Connecticut 25 N/A 25 43.4
Delaware 23 N/A 23 41.4
District of

Columbia

23.5 0.103 33.8 52.2
Florida 4 0.315 35.55 53.9
Georgia 29.1 0.0075 29.85 48.25
Hawaii 16 0.025 18.5 36.9
Idaho 32 0.01 33 51.4
Illinois 39.2 0.191 58.3 76.7
Indiana 32 0.183 50.3 68.7
Iowa 30 N/A 30 48.4
Kansas 24 0.0103 25.03 43.43
Kentucky 24.6 0.014 26 44.4
Louisiana 20 0.0093 20.9 39.33
Maine 30 0.014 31.4 49.8
Maryland 27.1 0.0919 36.29 54.69
Massachusetts 24 0.0298 26.98 45.38
Michigan 27.2 0.185 45.7 64.1
Minnesota 28.5 0.001 28.6 47
Mississippi 18 0.004 18.4 36.8
Missouri 19.5 0.0042 19.92 38.32
Montana 32.5 0.0075 33.25 51.65
Nebraska 24.8 0.009 25.7 44.1
Nevada 23 0.0081 23.81 42.21
New Hampshire 22.2 0.0163 23.83 42.23
New Jersey 10.5 0.3195 42.45 60.85
New Mexico 17 0.0188 18.88 37.28
New York 8 0.2568 33.68 52.08
North Carolina 38.5 0.0025 38.75 57.15
North Dakota 23 0.0003 23.03 41.43
Ohio 38.5 N/A 38.5 56.9
Oklahoma 19 0.01 20 38.40
Oregon 38 N/A 38 56.4
Pennsylvania 57.6 0.011 58.7 77.1
Rhode Island 34 0.0112 35.12 53.52
South Carolina 26 0.0075 26.75 45.15
South Dakota 28 0.02 30 48.40
Tennessee 26 0.014 27.4 45.8
Texas 20 N/A 20 38.4
Utah 31.9 0.0065 32.55 50.95
Vermont 12.2 0.2004 32.14 50.54
Virginia 26.2 0.079 34.10 52.50
Washington 49.4 0.0282 52.22 70.62
West Virginia 20.5 0.152 35.70 54.10
Wisconsin 30.9 0.02 32.90 51.30
Wyoming 23 0.01 24 42.4