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The state of Hawaii briefly introduced a cap on the wholesale price of gasoline (the Gas Cap Law) in an effort to fight "price gouging" in that state in 2005. Because it was widely seen as too soft and ineffective, it was repealed shortly thereafter. [citation needed] A World War II-era shop display promoting price controls.
State Taxes. The United States federal excise tax on gasoline is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel. [ 1][ 2] Proceeds from the tax partly support the Highway Trust Fund. The federal tax was last raised on October 1, 1993, and is not indexed to inflation, which increased 111% from Oct. 1993 until Dec. 2023.
The Natural Gas Act of 1938 was the first occurrence of the United States federal government regulating the natural gas industry. It was focused on regulating the rates charged by interstate natural gas transmission companies. In the years prior to the passage of the Act, concern arose about the monopolistic tendencies of the transmission ...
Although gas prices, especially where they sit now, are often assumed to be a force of political influence, they are actually governed by economic drivers and basic laws of supply and demand.So no ...
The Public Utility Regulatory Policies Act ( PURPA, Pub. L. 95–617, 92 Stat. 3117, enacted November 9, 1978) is a United States Act passed as part of the National Energy Act. It was meant to promote energy conservation (reduce demand) and promote greater use of domestic energy and renewable energy (increase supply).
Crude oil prices to gas prices Henry Hub natural gas prices. From the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on NYMEX was generally under US$25/barrel in 2008 dollars. During 2003, the price rose above $30, reached $60 by 11 August 2005, and peaked at $147.30 in July 2008. [1]
The average price for the year was $39. For six years, drivers enjoyed remarkably low gas prices, which went as low as $1.72 in 2016 and $1.77 in 2020. Oil and gas drillers got crushed, however ...
The commission set the price of gas below the market rate, resulting in price distortions. The low prices encouraged consumption and discouraged production. By the 1970s, there were shortages of price-regulated interstate gas, while unregulated gas within the gas-producing states (intrastate gas) was plentiful, but more expensive.