This is what I found on CBSNEWS.COM:
When global oil prices surged 15% immediately after last weekend’s missile attack on Saudi Arabian oil fields,10 cents a gallon — the biggest spike since Hurricane Harvey shut down refineries in Louisiana and Texas in 2017.
Experts say motorists should expect higher prices at the pump for the next few weeks. What’s harder to calculate: How much higher Americans’ fuel costs could climb.
So what factors do dictate the price of gas? The biggest by far, as the Saudi attack showed, is the cost of crude in global energy markets: It accounts for 52% of the retail price of regular gas, according to the U.S. Energy Information Administration.
- federal and state taxes (18%)
- distribution and marketing (14%)
- refining costs (16%)
— CBS News (@CBSNews) September 19, 2019
Information provided by CBSNEWS.COM.
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