Questions About Gasoline...
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| Learn More About Gasoline! |
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Question: What's up with gasoline prices lately?
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After the dramatic spike and then drop in gasoline prices in 2008, retail gasoline prices bottomed out in late December, and have been generally increasing since then.
EIA analysis of the petroleum market points to the following as main contributors to the increases in retail gasoline prices since the start of 2009:
- The cost of crude oil to refiners — Spot prices for crude oil bottomed out at the end of December 2008 at around $30 per barrel, and then increased to around $60 per barrel by mid-May.
- The balance between gasoline supply and demand — Gasoline production and inventories have tightened relative to demand, putting additional upward pressure on prices as refiners seek to improve their margins on gasoline.
The U.S. average pump price for regular-grade gasoline, which reached $2.69 per gallon on June 22, fell to $2.61 per gallon on July 6, possibly due to relatively high U.S. gasoline stocks and weak gasoline demand. Economic conditions in the United States and the rest of the world will strongly influence demand and prices for crude oil and petroleum products in the coming months.
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This Week In Petroleum often discusses gasoline prices.
The following archived editions for 2009 discuss gasoline prices in detail: February 4 and 25, April 5 and 1, May 20, and July 1.
For EIA's latest gasoline price forecast, see EIA's Short-Term Energy Outlook. |
| Last updated: July 29, 2009 |
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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 June 2009 was $2.63. 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 June 2009, refiners paid an average of about $67 per barrel of crude oil, which accounted for about 61% of the national average retail price of a gallon of regular grade gasoline.
- Taxes: Federal, State, and local government taxes (not including county and local taxes) accounted for about 15% of the national average retail price of regular gasoline in June 2009. 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 June 2009, accounting for 12% of the retail price of regular gasoline.
- Distribution & Marketing: Distribution, marketing, and retail dealer costs and profits made up the remaining portion of the retail price of gasoline in June 2009, accounting for roughly 10% 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: August 11, 2009 |
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Question: How much gasoline does the United States consume per year?
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In 2008, the United States consumed about 137.80 billion gallons (or 3.28 billion barrels) of gasoline, about 3% less than the record high of about 142.35 billion gallons (or 3.39 billion barrels) consumed in 2007. Consumption in 1998 was about 126.52 billion gallons (or 3.01 billion barrels). |
| Annual gasoline consumption data |
| Last reviewed: June 4, 2009 |
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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 21.59 cents per gallon. |
| State-by-State gasoline taxes |
| Last reviewed: January 26, 2009 |
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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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