FOTW #1073, March 18, 2019: Crude Oil Cost Accounted for 50% of Gasoline Price in 2017

March 18, 2019

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The price of a gallon of gasoline changes depending on different price components, including crude oil, taxes, distribution and marketing, and refining. Historically, the largest component of gasoline price has been crude oil, which accounted for 50% of the average gasoline price for 2017. The cost of refining and the cost of crude oil are the most variable over time.

Gasoline price components from 2000 to 2017. Components are crude oil, refining, distribution and marketing, and taxes.

Notes: Based on regular motor gasoline in all areas. Annual averages were created from monthly component price data.

Source:
Oak Ridge National Laboratory, Transportation Energy Data Book: Edition 37, ORNL/TM-2018/198, January 2019, Figure 10.5.

[Original source: Energy Information Administration, Gasoline and Diesel Fuel Update, Gasoline Pump Components History.]

Fact #1073 Dataset

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