[icwhatudo]

Your comment:

“the wholesale cost of crude is only a tiny fraction of the entire expense that goes into gasoline production.”

vs the articles claim:

“Crude oil accounts for about three-quarters of the cost of gasoline.”

What am I missing?

[mnehring]

We are both wrong, it is just under half..

[Star Traveler]

You asked — “What am I missing?”

Well, you’re missing the “stats”... :-)

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QUICK STATS

- One barrel of crude oil contains 42 gallons
- About 46% of each barrel of crude oil is refined into automobile gasoline
- In the US and Canada an average of 3 gallons of crude oil are consumed per person each day
- The US imports about 50% of its required crude oil and about 50% of that amount comes from OPEC countries

— — — — — — — — — — —

Product — Refined Gallons/Barrel

Gasoline — 19.3
Distillate Fuel Oil (Inc. Home Heating and Diesel Fuel) — 9.83
Kerosene Type Jet Fuel — 4.24
Residual Fuel Oil — 2.10
Petroleum Coke — 2.10
Liquified Refinery Gases — 1.89
Still Gas — 1.81
Asphalt and Road Oil — 1.13
Petrochemical Feed Supplies — 0.97
Lubricants — 0.46
Kerosene — 0.21
Waxes — 0.04
Aviation Fuel — 0.04
Other Products — 0.34
Processing Gain — 2.47

Source: EIA March 2004 Data

from webpage — http://www.gasbuddy.com/crude_products.aspx