Improving Gas Mileage - What Determines Gas Prices
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Founded in 1902, AAA is a not-for-profit organization of clubs serving more than 51 million members in the United States and Canada. As North America's largest motoring and leisure travel organization, AAA provides its members a full range of travel, insurance, financial and automotive-related services through a network of 1,100 offices, as well as its full-service Web site: AAA.com. Since its founding, AAA has been an advocate for the motorist and traveler, continually lobbying for driver and passenger rights, fair laws and safer vehicles and roads. Through affiliations with motoring clubs around the world, AAA provides benefits to members traveling in 130 countries on six continents. Today, 25 percent of all U.S. households have a AAA membership. Nearly 27 percent of all North American passenger vehicles belong to AAA members.
Improving Gas Mileage - What Determines Gas Prices
AAA discusses the four main factors that go into the price of a gallon of gas.
Transcripts
John Nielsen: Hi! I am John Nielsen with AAA Approved Auto Repair. Everybody wants to save a little bit of money on gas and frequently they wonder what controls the price of gasoline.
Well, really there are four main factors that go into the price of a gallon of gas. The first is crude oil, which represents about 70% of the cost of a gallon of gasoline. Now, crude oil is a commodity that's traded on the open market and its price can fluctuate based on supply and demand, based on speculation, based on global unrest.
The second greatest contributor to the cost of gasoline is taxes, which on a nationwide basis represent about 13% of overall cost. That can vary from municipality to municipality, but nationwide 13%. 11% of the cost of a gallon of gasoline is actually for the refining process of the fuel and this is where you take the crude oil and turn it into gasoline. The distribution and marketing of the gasoline make up the final 9%. So, these are the factors that contribute to the cost of gasoline at the pump.
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