For Americans filling up at the pump, making sense of gasoline prices can be confusing. Here's a simple explanation: the price of crude oil is the main factor in determining the price of gasoline.
Since April 20, 2009, the price of crude oil has climbed 46 cents a gallon, and the price of gasoline has risen 41 cents a gallon.
For more information about the impact of crude oil on the price of gasoline, take a look at the dollar bill graphic below.
Also factored into the pump price are refining, marketing and transportation costs, and taxes. In fact, every time U.S. motorists pull up to the pump, they pay nearly 46 cents in taxes per gallon of gasoline.
Other factors --such as demand, gasoline inventory and import levels, and the effect of weather on production and refinery oper... more »