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Gas prices change based on the cost of crude oil, refining, distribution and marketing, and federal, state and local taxes. Four key factors affect the price of gas. Here's how, and why gas prices ...
According to the Energy Information Administration (EIA), as of March 2022, factors that affect the price of gasoline in the United States include the price of crude oil per barrel, costs and profits related to refining, distribution, and marketing, and taxes, along with the charge set by refiners for gasoline based on based on octane levels, with higher octane levels—premium grade cost ...
Gas prices within the last 10 years highlight how volatile the market can be. When looking at historical data, gas prices were the same in 2011 as they were in 2023 — $3.52 per gallon.
In the case of gasoline, the supply-demand dynamic for oil is the most important contributor to the price of gasoline. A number of factors have driven the price of crude oil significantly higher ...
One of the most important factors affecting the crack spread is the relative proportion of various petroleum products produced by a refinery. Refineries produce many products from crude oil, including gasoline, kerosene, diesel, heating oil, aviation fuel, bitumen and others. To some degree, the proportion of each product produced can be varied ...
WHAT OTHER FACTORS ARE AFFECTING FUEL PRICES? Tight refining supply has kept the gap wide between wholesale gasoline futures and retail prices, currently at about $1.25 a gallon, far exceeding the ...
In 1998, gas in my hometown was a whopping $0.98 per gallon. For a kid in high school, that was huge—I was able to afford to go places. Gas had hovered around $1.00 for years, and many of us ...
The United States uses more gasoline than any other nation in the world, and lately Americans have grown concerned about the swift rise in costs at the pump. RPT-EXPLAINER-What is happening with U ...