Chart shows what you're paying for when you buy a gallon of gas
Summary
Gasoline prices in the U.S. have increased by about 60 cents per gallon since the Iran war began, mainly due to rising crude oil costs. The price of crude oil makes up over half of what consumers pay at the pump, with refining, distribution, and taxes also affecting the final price.Key Facts
- Gasoline prices rose approximately 60 cents per gallon since February 28, when the Iran war started.
- Crude oil accounts for about 51% of the cost of a gallon of gas in the U.S.
- The U.S. produces mostly light crude oil but imports heavier crude oil for its refineries.
- Refining crude oil into gasoline and other products makes up around 20% of the gas price.
- Marketing, distribution, and retail costs add about 11% to the price at the pump.
- Federal gas tax is 18.4 cents per gallon; state taxes vary widely, from 9 cents in Alaska up to 70.9 cents in California.
- Gas stations usually earn 30 to 35 cents per gallon but have lower margins when oil prices rise quickly.
- Seasonal changes, such as switching to summer-blend gasoline, add about 15 cents per gallon during warmer months.
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