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.”
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