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Gasoline prices vary with the price of oil, from which it is refined. The cost of refining and transporting are added, as well as taxes. The increase in the cost of gasoline in the US over the period 2005-2008 was driven mainly by the rising price of oil. In many parts fo the world, including Europe, prices were already relatively higher due to import, refining, and marketing costs. In the summer of 2008, extraordinary financial problems in the US triggered a global economic downturn, dropping demand for oil and hence lowering the price at which it could be sold. The cost of a barrel of oil (55 gallons) was $19 at its low in 2002, and gasoline in the US was about $1.00 a gallon. By June 2008, it had risen to nearly $140 a barrel, pushing gasoline prices over $4 a gallon in many areas of the US. By the end of December, 2008, oil had crashed to under $40, and gasoline prices fell by over 60% to under $1.50 a gallon. (Some of the "run up" was caused by inflation over 6 years.)
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Why was BP drilling so deep?
because Americans like cheap gas.
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Listen, we refine and ship oil to China. We pay 4.00 bucks and they pay 1.50. How do pay market price and sale so cheap?
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