How does the price of oil per barrel effect the price we pay at the pumps?



  1. 0 Votes

    The price of crude oil is responsible for 55% of the price we pay per gallon of gas at the pumps. The remaining 45% is a function of distribution and taxes. Since these aspects do not normally fluctuate in price, the changing prices we see in the cost of gasoline are almost entirely determined by the cost per barrel of crude oil.

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