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Monthly Archives: May 2018

What Determines Gas Prices?

It seems like every time we visit the gas pump that prices vacillate. Why is this? Below are some of the significant factors that determine gas prices: Refining costs: The cost of refining diesel fuel can be remarkably more expensive than the price of refining normal gasoline. Marketing and distribution play a big role in this. Crude oil is shipped to refineries and gasoline is transported from the refineries to distribution points and then to the service stations. The cost of transportation is in the hands of the consumer. Marketing the brand of the oil company is also added to the price of the gas you purchase. Taxes: State and Federal governments have excise taxes on gasoline. There are some extra costs that could also include: State sales taxes Oil inspection fees Underground storage tank fees Gross receipts taxes Miscellaneous environmental fees   Crude oil: Crude oil is the biggest portion of the cost of gas and is determined by countries in the world that are oil-ex ... read more

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