Questions About Gasoline...
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| Learn More About Gasoline! |
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Question: What's up, and down, with gasoline prices lately?
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EIA analysis of the petroleum market points to the cost of crude oil as the main contributor to the large run up and subsequent decline in retail gasoline prices in 2008.
High worldwide oil demand relative to supply, political events and conflicts in some major oil producing regions, and other factors pushed the cost of crude oil for U.S. refiners to a record high in early summer 2008. EIA believes that the resulting high prices for gasoline and other petroleum products and relatively weak economic conditions in the U.S. and other countries have helped to reduce demand and led to the general decline in prices for crude oil and gasoline starting in mid-summer.
Some areas of the country experienced a spike in gasoline prices in August and September due to the impacts of Hurricanes Gustav and Ivan on Gulf Coast refineries and a major gasoline pipeline supplying the Eastern US. |
This Week In Petroleum often discusses gasoline prices.
For EIA's latest gasoline price forecast, see EIA's Short-Term Energy Outlook |
| Last updated: October 30, 2008 |
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Question: Can I tell which country the gasoline at my local station comes from?
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Question: What do I pay for in a gallon of regular gasoline?
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The national average retail price of a gallon of regular gasoline in October 2008 was $3.05. There are four main components that make up the retail price of a gallon of gasoline:
- Crude Oil: The cost of crude oil as a share of the retail price varies over time and among regions of the country. In October 2008, refiners paid an average of about $76 per barrel of crude oil, which accounted for about 59% of the national average retail price of a gallon of regular grade gasoline.
- Distribution & Marketing: Distribution, marketing, and retail dealer costs and profits made up the remaining portion of the retail price of gasoline in October 2008, accounting for 25% of the retail price of regular gasoline.
- Taxes: Federal, State, and local government taxes (not including county and local taxes) accounted for about 13% of the national average retail price of regular gasoline in October 2008. Federal excise taxes were 18.4 cents per gallon and State excise taxes averaged 21.5 cents per gallon.
- Refining: Refining costs and profits were the next largest part of the retail price of gasoline in October 2008, accounting for roughly 3% of the retail price of regular gasoline.
See the Gasoline and Diesel Fuels Update for:
The Primer on Gasoline Prices explains what drives gasoline prices.
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| Last updated: December 5, 2008 |
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Question: How much gasoline does the United States consume per year?
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Question:
How much tax do we pay on a gallon of gasoline?
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The Federal gasoline tax is 18.4 cents per gallon and the average State tax is 21.4 cents per gallon. |
| State-by-State gasoline taxes |
| Last reviewed: June 25, 2008 |
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Question: Where can I find inflation-adjusted gasoline prices?
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Question: How many gallons of gasoline does one barrel of oil make?
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One barrel (42 gallons) of crude oil, when refined, yields approximately 19.6 gallons of finished motor gasoline. The remainder of the barrel yields distillate fuel oil, residual fuel oil, jet fuel, and other products. |
| Products
made from oil |
| Last reviewed: April 17, 2008 |
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Question: How many retail gasoline stations are there in the U.S.?
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