The Cost of Crude Oil is the largest factor in the retail price of gasoline. The cost of crude oil as a share of the retail gasoline price varies over time and across regions of the country. Crude oil prices are determined by both demand and supply. World economic growth is the most significant factor for demand. Oil prices often increase in response to disruptions in the international and domestic supply of crude oil. The Organization of the Petroleum Exporting Countries (OPEC) sometimes exerts significant influence on oil prices by setting an upper production limit on its members. OPEC countries produced about 44% of the world’s crude oil from 2000 through 2016. OPEC countries maintain nearly all of the world’s spare oil production capacity and possess almost three-fourths of the world’s estimated proved crude oil reserves. Increases in U.S. oil production in the past several years have helped reduce upward pressure on oil and gasoline prices. (Source: www.eia.gov)
Cost of Crude Oil
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