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Unformatted text preview: Why Gas Prices Are So High By Kimberly Amadeo , About.com See More About: • commodities • energy information agency • demand • supply • crude oil prices Source: Taxi/Getty Images Sponsored Links Gas Prices - Tips & News Your complete gas guide, all about gas prices and tips. www.TheGasGuide.com Diesel Fuel Economy Improve Your Diesel Gas Millage With A New Catalytic Converter. SaveTheDiesel.net "McCain's Oil Problem" Report: "McCain's oil agenda will raise gas prices." www.architecture2030.org US Economy Ads US Oil Price Fuel Tanks Inflation Rate Price of Gas Gasoline Price Gas Prices Increased 15% in the First Quarter of 2008: By April 2008, the national average gallon of gas rose 15%, from $3.09 to $3.50. This was primarily driven by a 25% increase in crude oil prices . How Oil Prices Affect Gas Prices: Crude oil accounts for 55% of the price of gasoline, while distribution and taxes influence the remaining 45%. Usually, distribution and taxes are stable, so that the daily change in the price of gasoline accurately reflects oil price fluctuations. Occasionally, however, distribution lines are disrupted or are down for maintenance, which can increase the price of gasoline even when oil prices are down. What Has Caused Recent High Oil Prices?: According to most news sources, high oil prices are a result of surging demand from China and India, and a curtailment of oil supply from Nigeria and Iraq. Since oil is denominated in dollars, According to most news sources, high oil prices are a result of surging demand from China and India, and a curtailment of oil supply from Nigeria and Iraq....
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- Spring '09
- OPEC, GAS PRICES, Peak oil, 1973 oil crisis, Price of petroleum