Statistics and Facts on Gas Prices
Gas prices are among the most publicly scrutinized prices in many countries, including the United States. Consumers spend large amounts of money on gasoline and hence fluctuation of the gas price has a significant influence on disposable incomes. The retail price of gasoline
is influenced by various factors, the most important ones being the price of crude oil
and the local tax regime.
In the United States, the retail price of gas can be broken down as follows: 63 percent crude oil; 14 percent refining, 12 percent distribution and marketing and 11 percent taxes
. In most European countries, where taxation on gasoline is much higher, taxes add up to more than half the retail price of gas.
Although still well below the price in other developed countries, the U.S. price of gas has been rising steeply
since 1990. In January 2013, the retail price for one gallon
of regular gasoline was $3.29, up from just $1.35 in 2002. This price increase can largely be attributed to changes in the oil price
, which rose from $7.67 to $94.53 per barrel between 1976 and 2012. The price of diesel
has also increased sharply over the last decade. Between December 2011 and December 2012, the gas price rose 1.4 percent in the United States, reflecting the fact that the price of crude oil has a far higher influence on fuel prices in the U.S. than it has in countries such as the UK
, where taxes make up the lionís share of retail gas prices.
Photo: istockphoto.com / doodledance