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24/7 Wall St.: States with the Cheapest Gas

5. Texas

Regular gas price per gallon: $3.55

Tax per gallon: 20 cents (tied for 11th lowest)

Number of operating refineries: 26

Texas is the nation’s largest oil refiner, processing almost 4.66 million barrels per day — more than a quarter of the nation’s output — in its 26 operating refineries. Like Louisiana, the state further helps keep gas prices low by not charging any state taxes aside from a 20-cent excise tax. Two of the largest public companies in the nation, Exxon Mobil Corp. (NYSE: XOM) and Phillips 66 (NYSE: PSX), are Texas-based oil companies.

(iStock Photo)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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