"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."
"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."
"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."
"If oil prices increase, some industries may swap natural gas for some segments of their operations where possible, increasing the demand for natural gas by proxy."
As of 9 a.m. Eastern Time, oil prices are at $96.83 per barrel, down $3.36 from yesterday and up $31.79 from last year. Oil prices are unpredictable, influenced by various factors, primarily supply and demand. The price at the gas pump includes costs beyond crude oil, such as refining and taxes. The U.S. Strategic Petroleum Reserve serves as a safeguard for energy security during emergencies. Changes in oil prices can also impact natural gas demand as industries may switch fuels based on price fluctuations.
Read at Fortune
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