Tuesday, April 3, 2012
From an article by Jill Schlesinger on CBSnews.com:
And what is the main factor controlling the price of crude oil? OPEC.
Gas prices are nearly 31 cents higher than a year ago. The biggest culprit for the rise in prices at the pumps is the $30 spike in crude oil that has occurred from $75/barrel in October to $105 today. The reason is that crude oil is the largest contributor to the price at the pumps.
Click image to see it larger
Here's a break down of a $1 at the pump as of January 2012, according to the Energy Information Administration (EIA):
- Crude oil: 76 cents
- Taxes: 12 cents
- Distribution and Marketing: 6 cents
- Refining costs and profits: 6 cents
How does OPEC control gas prices?