Along with the summer heat, it feels like gas prices are spiking too.
It is true gas prices are high when compared to recent years. The average price according to the U.S. Department of Energy is $3.34 for a gallon of regular gasoline, the highest it's been in the past four summers.
But the cost is significantly lower than the past decade.
Western Washington hit a record high in July 2008 of $4.35 per gallon on average for regular gasoline. Another spike hit $4.32/gallon in June 2012.
AAA suggests we are seeing higher gas prices today because crude oil prices are higher. There’s more demand globally for gasoline, people are driving more domestically, and supplies are a lower than they have been the past couple years.
On average nationwide, crude oil prices make up the majority of the cost of a gallon of fuel at 56%, according to the Department of Energy.
State and federal taxes make up 16% of the cost of a gallon. Washington state has the third highest gas tax in the nation behind only California and Pennsylvania.
Refining costs make up 15% of your cost per gallon. And distribution and marketing make up the remaining 13%.
AAA reports Western Washington is actually down three cents in the last month on average. So gas prices have stabilized.
Which suggests we likely won’t see prices increase for the remainder of the summer, but rather start to turn down.
