Gasoline Price is determined by both demand and supply that includes four main components: the Cost of crude oil (the cost of crude oil is the largest factor in the retail price of gasoline. OPEC countries produced about 44% of the world's crude oil from 2000 through 2016); Refining costs and profits; Distribution and marketing costs includes profits and taxes; and Retail pump prices reflect these components and the profits of retail station owners.
Related Definitions in the Project: The Commercial Definitions
Example Article og the Gasoline Price:
Gasoline Prices See The Largest Drop In Nearly 15 Years (Source: Oil Price on 8 July 2022): By Julianne Geiger - While gasoline prices are still $1.50 higher per gallon than they were this time last year, they fell sharply overnight in what was the largest one-day drop in nearly 15 years, according to AAA data. The current price for a gallon of gasoline in the United States is averaging $4.721 on Friday, down from $4.752 per gallon on Thursday—a 3.1-cent drop. The weekly change is even more significant at 12.1 cents. According to Gas Buddy’s Patrick De Haan, more than 5,800 gas stations across the country are offering gasoline at $3.99 per gallon or less. ...
