US gasoline prices are about to set a new record, at least in nominal terms. Prices are highest on the West Coast, where a gallon of gasoline currently sells for $2.29, on average.
As we’ve pointed out before, the Northwest doesn’t produce any of its own gasoline. We refine it, sell it, and tax it, but over half of the cost of gasoline is the crude oil itself (click on the image at left to see a detailed breakdown). So most of the money we spend at the pump hightails it out of town. Want to see just how fast fossil fuel expenditures leave the region? Check out our web-based counter.