Description: Petroleum prices are determined by market forces of supply and demand, not individual companies, and the price of crude oil is the primary determinant of the price we pay at the pump. Oil prices are at a seven-year high amid a persistent global supply crunch, workforce constraints, increasing geopolitical instability in Eastern Europe, the economic rebound following the initial stages of the pandemic, and policy uncertainty from Washington. Policy choices matter. American producers are working to meet risi
api (2256) monogram (186) icp (167) american petroleum institute (56) api 510 (51) api standards (50) what is energy (49) fossil fuels facts (49) api.org (49) api certification (48)
Home Natural Gas & Oil Energy Primers Gas Prices Explained Gas Prices Explained
Read the articles online at http://www.gaspricesexplained.com
The primary factors impacting gasoline prices are global crude oil cost (61%), refining costs (14%), distribution and marketing costs (11%) and federal & state taxes (14%), which are generally reflected in the wholesale costs that gasoline retailers pay to distributors. In addition to these factors, retail stations have to address local factors that can impact retail fuel prices such as store types (branded or unbranded), store location & local competition, fuel delivery method, length of existing contracts