With extremely high gas prices straining consumers pockets in recent months, it is only natural for people to wonder where all the money they pay at the pump goes. Contrary to popular belief, the price of gas is not solely reliant on the price of crude oil. There are many parties involved in setting the price of the gas you purchase at the pump, and below is a quick run-through on who they are and what portion of the entire price they require.
– Crude oil: Crude oil suppliers require the largest share of the pie at about 45%. This share is determined by the oil-exporting nations and the Organization of the Petroleum Exporting Countries (OPEC) in particular. The price of one barrel of crude oil depends on how much crude oil these oil-exporting countries produce. Sometimes gas prices rise despite the fact that there is enough crude oil to go around, and this is because of a variety of other factors, one of which is the quality of oil. Oil can be heavy or light, and sweet or sour. These words only describe the quality, not the taste, of oil. For example, light, sweet crude oil is cheaper and easier to refine, but quantities of this kind of oil have been...
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