Who controls the price of gas?
Asked By: Alfredo Tromp
Date created: Thu, Apr 15, 2021 6:39 AM
Date updated: Mon, Dec 19, 2022 12:09 AM
Video answer: Who controls the price of gas?
Top best answers to the question «Who controls the price of gas»
The price of gasoline is made up of four factors: taxes, distribution and marketing, the cost of refining, and crude oil prices. Of these four factors, the price of crude oil accounts for nearly 70% of the price you pay at the pump, so when they fluctuate (as they often do), we see the effects.
The law of supply and demand regulates gasoline prices, as it does nearly all commodities. Both supply and demand are changing all the time, as new oil wells are discovered and as economic conditions impact consumer demand.
Video answer: Why do gas prices change?