"The price you see at the gas pump reflects more than just crude oil. Also built in are the costs of refining, distribution through wholesalers, various taxes, and the margin your neighborhood station charges."
"In the event of an emergency, the U.S. maintains a stockpile of crude oil known as the Strategic Petroleum Reserve. Its main goal is to safeguard energy security when disasters strike."
"Crude oil is still the largest single driver of the final pump price, typically representing over half of each gallon's cost. Spikes in oil prices tend to push gas prices higher in short order."
As of 8:15 a.m. Eastern Time, oil prices are at $104.86 per barrel, down $5.83 from yesterday. Oil prices are driven by supply and demand, with economic fears causing sharp movements. Gas prices reflect more than crude oil, including refining and distribution costs. The U.S. Strategic Petroleum Reserve provides emergency support to stabilize prices during disruptions. Oil and natural gas prices are interconnected, with changes in oil prices impacting natural gas demand in various industries.
Read at Fortune
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