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Resources March 23, 2022

What are you paying for in that gallon of gas?

Author: Matt Gregory, Mia Salenetri (WUSA9)

Gas prices continue to hover at near-record highs. The state of Maryland has already taken a gas tax holiday. Virginia is looking at one as well.

Beyond the gas tax, there are several other items priced into that gallon you buy, but the big-ticket part is cost of crude oil.

ANSWER:

A gallon of gas breaks down into several costs: price of crude oil, taxes, the cost of refining and the cost of distribution and marketing.

WHAT WE FOUND:

“The biggest single factor that drives changes in prices of gasoline is a change in the price of crude oil,” Mark Finley said. “And the price of crude oil is not controlled by the companies. It’s set in a global marketplace as a result of global trends in demand and supply.”

Continue reading at WUSA 9.

Author

DMVDigest Staff

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