How much of taxes are added to a gallon of gasoline?

According to published reports, the United States is the world’s leading crude oil producer. Thanks to export bans in place, all of the production stays in the country. The recent glut is helping the gasoline prices to go down. Do you know that each gallon of gas you buy at the pump contains numerous taxes? For an example, added Federal, state and local taxes in California amounts to 70 cents per gallon which is the highest in the nation. The object of added taxes is to pay for road and bridge construction and maintenance and other transportation improvements.

But revenue collected from taxes is not just for maintenance of streets and transportation improvements. Sometimes, taxes are added to gasoline sales to raise funds for other purposes such as to bridge the gap created by shortfalls in state budget. Added taxes or reductions can fluctuate due to various reasons, but don’t expect that to lower what you pay at the pump. Many experts say that fracking and other recent developments are helping to produce ample crude oil will lower the price we pay at the pump for months and years to come.