Gas prices and why they are about to spike (Feb 24)
(Yahoooo covering for Brandon)
Four main factors influence why gas prices go up and down
There are four components that influence the cost of gasoline in the United States, according to data from the U.S. Energy Information Administration. They are:
Crude oil: The cost of crude oil makes up 54% of the price at the pump. That cost is largely dictated by international supply and demand. Several geopolitical factors can influence the crude oil market, but one of the biggest influences is the Organization of the Petroleum Exporting Countries (OPEC), which is led by Saudi Arabia.
Refining: The cost to refine oil into gasoline makes up 14% of the price. The exact cost of refining varies, depending on a few factors such as the type of crude oil used, the processing technology available at the refinery and the gasoline requirements in specific parts of the country.
Taxes: Making up 16% of the price, the gasoline tax averages $0.57 per gallon, according to the American Petroleum Institute. However, the exact amount fluctuates from state to state.
Distribution and marketing: These costs make up 16% of the price. Gasoline distribution and marketing costs vary depending on whether stations are owned and operated by refineries or are independent businesses that buy gasoline from refineries and resell it to customers.
https://news.yahoo.com/gas-prices-why-spike-044407410.html
It is the greedy station operators, Democrats tell us!