What Happens To Gas Prices If Oil Hits $200 A Barrel
Understanding The Basics Of Gas Pricing: Gasoline prices are closely tied to crude oil costs. Crude oil is the primary ingredient in gasoline, and its price directly influences what consumers pay at the pump. For every barrel of oil, there are 42 gallons. However, crude oil alone doesn’t determine the final gas price. Refining costs, taxes, distribution, and retail margins add to the total price per gallon.