What Determines Gas Prices?

SF Gate analyzes the factors that determine the price consumers pay at the pump.

The market news is quoted as saying:

According to the U.S. Department of Energy, the price of crude oil averaged 68% of the average retail cost of gasoline in December of 2010. Federal and state taxes were the next highest cost factor, averaging 14%, followed by refining costs and profits, then distribution and marketing.

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