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Posts Tagged ‘Gasoline’

What’s in the price of a gallon of gasoline?

Friday, November 19th, 2010

The national average retail price of a gallon of regular gasoline in September 2010 was $2.71. There are four main components that make up the retail price of a gallon of gasoline:

  1. Crude Oil: The cost of crude oil as a share of the retail price varies over time and among regions of the country. In September 2010, refiners paid an average of about $76 per barrel of crude oil, which accounted for about 67% of the national average retail price of a gallon of regular grade gasoline.
  2. Refining: Refining costs and profits were 7% of the retail price of gasoline in September 2010.
  3. Distribution & Marketing: Distribution, marketing, and retail dealer costs and profits made up roughly 11% of the retail price of gasoline in September 2010.
  4. Taxes: Federal, State, and local government taxes (not including county and local taxes) accounted for about 15% of the national average retail price of regular gasoline in September 2010. Federal excise taxes were 18.4 cents per gallon and State excise taxes averaged 22.44 cents per gallon.

Given the squeeze between surging economies in the East, the West’s continued heavy demand, and the obvious limits to supply growth worldwide, we will see changes to these input costs in years to come.  And pricing cycles will also continue and create periodic alternating malaise and panic further adding to the confusion. If you have questions about these changes and how to deal with the risk and risk transfer impacts on your business, please ask us.

Meridian is a highly dynamic specialized insurance consulting group with offices in Boston, MA, Newport, RI and Brookfield, CT. We specialize in risk management and risk transfer for traditional and alternative energy companies. We are members of the International Energy Credit Association and the Connecticut Maritime Association. Our Mission is simple.  We seek to help our clients make the best risk and risk transfer decisions possible.