Understanding Gas Prices

What percentage of the overall gas price is typically made up by crude oil?

• 30-40%

• 10-20%

• 40-50%

• 60-70%

Which organization has historically influenced the price of crude oil?

• NATO

• OPEC

• UN

• WTO

What was the intended purpose of the Keystone Pipeline XL?

• Increase US oil production

• Transport Canadian crude to US refineries

• Reduce gas prices in Europe

• Transport US crude to Canada

How many gallons of gasoline can be refined from a barrel of crude oil?

• 40 gallons

• 30 gallons

• 20 gallons

• 10 gallons

What percentage of the retail cost of gasoline is attributed to refining costs?

• 25%

• 10%

• 14%

• 20%

What is the average percentage of gas price attributed to distribution and marketing?

• 14%

• 25%

• 20%

• 10%

What is the average federal tax on gasoline per gallon in the US?

• 10 cents

• 30 cents

• 18 cents

• 25 cents

How much higher are gas taxes in Europe compared to the US?

• About $1 per gallon

• About $2 per gallon

• About $3 per gallon

• About $4 per gallon

Why are gas prices considered volatile?

• Due to fixed taxes

• Due to stable supply

• Due to rapid demand changes

• Due to constant refining costs

What primarily influences the fluctuation of gas prices?

• Marketing strategies

• Refining technology

• Supply and demand

• Presidential policies