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Monthly Archives: January 2018

How Gas Prices Are Determined

How Gas Prices Are Determined

    The price of gas goes up every summer and the profit of oil companies go up just as Americans are getting ready to travel during the warmer months. It’s not coincidental that rising fuel prices coincide with increased travel by Americans. The price of gas is based on supply, demand, inflation, and taxes. The basic rules of supply and demand affect gas prices. Oil comes out of the ground in different forms in different places. Light/sweet crude oil is usually in the highest demand. As oil thickens, it has more impurities and takes longer to refine into gasoline. As the supply of this preferred oil becomes more challenging, the price increases. In contrast, heavy/sour crude is easily available all over the world so the price is less. Obviously, the number of people who are us ... read more

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