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Gas prices have been rising sharply across the country due to various factors. Here are some frequently asked questions about high gas prices in your local area:
Gas prices have risen due to increased demand as the economy recovers from the pandemic and a reduction in global oil production. Crude oil prices, which account for over 50% of the retail price at the pump, have also increased substantially.
You can search online for sites like GasBuddy that allow you to look up current gas prices at stations close to your location. Checking prices at discount retailers or club stores can also help you save versus traditional gas stations.
It's difficult to predict exactly when prices may fall as oil markets are volatile. However, most analysts expect prices to moderate later in 2022 as long as there are no major disruptions to global supply. Increased US drilling could also help bring down costs.
Options to potentially reduce gas prices over the long run include increasing domestic oil production and refining capacity, transitioning to more fuel-efficient vehicles, and developing alternative fuel sources like electric vehicles that don't rely solely on petroleum.
Gas taxes levied by federal, state, and sometimes local governments make up a significant portion of what consumers pay at the pump. These taxes help fund infrastructure projects but also contribute to higher retail fuel costs for drivers.
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