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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 ...
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 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 ...
The real-world difference is greater, because gas prices were lower in 2019 and 2020. In May 2019, for instance, gas prices were around $2.95. So the 6.7% margin represented a cost of about 20 ...
Gasoline pricing is a mix of many factors, including supply and demand, international policies, marketing costs and more. “Oil companies have very little control just like a president doesn’t ...
The average American is paying $3.45 per gallon at the gas pump -- a price nowhere near the historic $5 or more experienced last summer, but not far removed enough to feel comfortable. The...
In 1957, you could fill up your brand new Chevy Bel-Air for 30 cents a gallon and drive as far as your giant tailfins could take you. That's about $2.91 per gallon in today's money -- cheaper than ...