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USAFacts_Official OP t1_iux5h1v wrote

Crude oil prices are just one factor influencing the price of gasoline. While the release from the Strategic Petroleum Reserve primarily affects the price of crude oil, other factors such as taxes, marketing, transportation, and more also contribute to the price of a gallon of gas. Crude oil historically accounts for 40% to 70% of the cost of gasoline.

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Pokerhobo t1_iuya490 wrote

People need to understand that crude oil is traded at global prices, not how much it costs locally. The US has exported more oil than imported, but that oils is still at global prices. This is why OPEC has such an impact on gas prices even if the US is oil independent. The real change is moving off oil completely.

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dgxpr t1_iuz3s5r wrote

another instructive graph could explain the variable factors of the price of crude & the cost of refining.

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OnePunchedMan t1_iuzcufp wrote

Can you elaborate on how crude oil cost fluctuates? From your chart, it looks like tax, marketing, etc costs are fairly consistent, but I don't understand how/why crude costs fluctuate.

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wingfield65 t1_iv1j8kn wrote

Crude costs fluctuate because price of crude is based on supply and demand

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