As of Monday, a regular gallon of gas in Utah has reached an average price of near $5.02 a gallon, according to the American Automobile Association.
The Energy Information Administration tracks the price and production of petroleum products. Prior to 2022, the highest annual average price for a gallon of regular was $3.50 in 2012.
When you pay for a gallon of gas, most of the cost goes towards the crude oil used as the basic ingredient. According to the EIA, the five dollars for a gallon of gas breaks down four ways:
- Crude oil: $3.00
- Refining: $.85
- Distribution and Marketing: $.55
- Taxes: $.60