Old Oil | Energy Has been around For a long time |
G
asoline, a key refined crude oil product, comprises about 17 percent of the energy consumed in the United States. The cost to produce and deliver gasoline includes the cost of crude oil to refiners (47%), refinery processing costs (18%), marketing and distribution costs (12%), and finally taxes (23%). The prices paid by end users incorporate these costs, as well as the profits of refiners, marketers, distributors, and retail station owners.
The U.S. petroleum industry's price has been heavily regulated through production or price controls throughout much of the twentieth century. While oil prices are considerably higher than a year ago, they are still roughly $14 from exceeding the inflation-adjusted "peak of the 1980 shock, when prices were over $90 a barrel in today's prices".
