Gas Prices - Statistics & Facts

Gas Prices - Statistics & Facts

Statistics and facts on Gas Prices

Since the cost of one gallon of gasoline equals the average daily income of a worker in some countries including Pakistan and India, gas prices are among the most publicly scrutinized prices in most countries. In the United States, 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.

The U.S. 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 most countries, the U.S. price of gas has been rising steeply since 2002. In November 2014, the retail price for one gallon of regular gasoline was around 2.93 U.S. dollars, up from just 1.35 U.S. dollars in 2002. This price increase can largely be attributed to changes in the oil price, which rose from 25.01 U.S. dollars per barrel in 2002 to 99.03 U.S. dollars per barrel in 2014. The price of diesel has also been prone to fluctuation over the last decade, and clocked in at about 3.41 U.S. dollars per gallon in December 2014.

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