recent price factors in the U.S.

click chart to enlarge

Global supply and demand for crude oil and petroleum products has the biggest influence on the price of gasoline at the pump in the U.S.

• For September 2008, crude oil costs made up 67 percent of the retail price of every gallon of regular gasoline.
• Twenty-two percent of recent gasoline prices were for refining, transportation and marketing. Federal, state and local taxes accounted for about 11 percent of the price.
• Americans are driving less. Motor gasoline consumption in the U.S. averaged 8.9 million barrels per day in September, down 3.8 percent from September 2007. The EIA is now projecting that total U.S. petroleum consumption will decrease 830,000 barrels per day in 2008 versus 2007.
• As of October 27, the average retail price of a gallon of self-serve regular gasoline declined more than $1 from September's average, and almost 26 cents in one week, dropping to $2.66 per gallon, reflecting the drop in crude oil prices.
• The industry has increased refining capacity through the expansion of existing plants, adding the equivalent of a large new refinery every year for the past decade. Capacity has expanded over the past two years by 300,000 barrels a day, according to the American Petroleum Institute.
• Since 1995, ExxonMobil has effectively added the equivalent refining capacity of a new, industry-average-size refinery to our worldwide portfolio every three years.