As millions of Americans prepare to hit the road for the Fourth of July weekend, they will be happy to know that gas prices nationwide and in California are the lowest they have been in three years.
The average price of a gallon of gas on July 4 in California this year was $4.79, slightly down from the previous year of $4.84 and more than a dollar down from $6.24 in 2022. The two-year drop is a natural recovery from the 2022 spike caused by the war in Ukraine, said Marie Montgomery, an Automobile Club of Southern California spokesperson. After Russia invaded Ukraine in February 2022, the U.S. introduced sanctions on Russian oil, raising gas prices across the country.
The state's excise tax on gas increased from 57.9 cents per gallon to 59.6 cents per gallon on July 1. Excise tax on diesel fuel increased from 44.1 cents per gallon to 45.4 cents per gallon. Drivers must also pay a federal excise tax of 18.4 cents per gallon. Montgomery also cited a gradual decline in oil refineries and oil production in the state. California produces fewer than 400,000 barrels of crude oil a day, only a third of what it used to produce in 1985 at 1.1 million barrels a day.
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