Bringing gas price transparency to the Mountain States
INTRODUCTION
When gas prices surged in the Summer of 2022, much of the blame was placed at the feet of oil companies. The Biden Administration also tried to blame gas station owners, suggesting they were inflating the cost voluntarily.
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Gas prices are inflated by government taxes and fees. Do consumers in the Mountain States really know what they are paying when they fill up at the gas station? The answer is likely no. That’s because gasoline is one of the few products we purchase where taxes and fees are built into the price. This means there is no transparency about the true financial burden placed on consumers.
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The fix to this lack of transparency is what has been called “truth-in-labeling."
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While it reached another record in the summer of 2022, the overall cost of a gallon of gasoline can fluctuate wildly.
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Gas taxes are hidden in the cost of a gallon.
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Gas taxes make up roughly 19% of the cost of a gallon of gasoline.
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There is little transparency in the price of a gallon of gas, making it difficult to hold elected officials accountable.
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Washington, Utah and Ohio have passed policies requiring gas tax informational stickers be placed at every pump.