Infographic: What’s Driving Gas Prices TodayBy Matthew Wheeland - August 31, 2011
Pump Pains: What’s Driving Gas Prices Today?
Every day a number of factors affect the fluctuating price of retail gas. We explore what those factors are and why they change.
Where the dollar goes
To understand what determines the price of retail gas, we have to look at what we’re paying for. As of June 2011, the average price for a gallon of regular gasoline was $3.68. Here’s how it breaks down.
What we pay for in a gallon of regular gasoline (as of June 2011):
- Taxes: 11%
- Distribution & Marketing: 11%
- Refining: 12%
- Crude oil: 66%
- Political events and conflicts
- Severe weather events
- Global economic development
- Seasonal driving spikes
- Gulf Coast (near the oil-producing Gulf of Mexico): $3.558
- New England: $3.82
- 1950: 1.5%
- 2011: 20%
- Electric car powered by leased solar: $1,200 per year to run.
- Electric car powered by purchased solar: $0 per year to run.
- Gas-powered vehicle: $2,131 per year to run.
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