Refining Cost News Today : Breaking News, Live Updates & Top Stories | Vimarsana

So, let us know how you did at home. so when we talk about the gas prices, well, you always hear about crude oil prices, but how exactly do crude oil prices affect the price that you pay at the pump? let me break this down for you as well. these figures are all from the energy administration. and let's look at last year's average, 68% of the cost of a gallon of gas went to purchase crude oil. okay. 15% to taxes. 10% to marketing and distribution. and 7% to refining the crude oil into gasoline, so that was 2010. now, look at the average for 2009. look at how much less we were paying for crude o...

Marketing. 7% went to refining crude oil into gasoline. that was 2010. now, look at the average for 2000 to 2009. big difference. look how much less we were paying for crude oil. also check out you the refining cost. yeah. there it is. it was more than double what we pay for refining gas now, and look at the taxes. percentage wise we were actually taxed less today on each gallon of gas than in the last decade. and just to give you an idea of how much we've paid for gasoline in the past -- the national average for a gallon of regular gas hit $4.11 in the summer of 2008. today we are only 28 cen...

Year. when the price was around $2.75 a gallon. they keep going higher. what's driving the increase and where is all that money going? well, most of it, 67%, goes directly to the crude oil suppliers. this amount is determined largely by the organization of petroleum exporting countries or opec. the amount of crude oil produced by opec decides the price of a barrel of oil. then the refining cost, about 11% of the cost of a gallon of gas. crude oil goes through the refining process in order to become gasoline. then comes the distribution and marketing. it's shipped to distribution poip points an...