ABSTRACT

U.S. Gasoline Prices: No Driving, No Benefits to Consumers [April 3, 2020]   [open pdf - 728KB]

From the Document: "The collapse of crude oil prices is having consequences throughout the U.S. and global economies. For consumers, the effects of the price decline are felt nowhere more than in the price of gasoline. Gasoline is made from crude oil through the refining process, and the current decline in crude oil prices are a significant factor to the decrease in gasoline prices. There are four main components to retail gasoline prices according to the U.S. Energy Information Administration (EIA): 51% comes from crude oil prices, 20% from taxes, 18% from marketing and distribution costs, and 12% from the refining sector, although these percentages can vary by location. Crude prices and refining margins tend to change (sometimes substantially), while taxes and marketing and distribution costs are more stable components of gasoline prices. Additionally, like crude oil, gasoline is a global commodity. The United States both imports and exports, and domestic prices are influenced by international events."

Report Number:
CRS Insight, IN11311
Author:
Publisher:
Date:
2020-04-03
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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