Title: Why are Gasoline Prices Rising? - Consumer Bulletin
Headings: Why are Gasoline Prices Rising?
Why are Gasoline Prices Rising?
Supply and Demand for Oil
Federal and State Taxes
Distribution and Marketing Costs
Refining Costs
Conclusion

Content: distribution and market costs (ex. the costs incurred by local gas station owners), and
4.) the cost of refining crude oil to turn it into gasoline. Supply and Demand for Oil
a.) World Oil Demand Growth: World crude oil and liquid fuels demand increased after the height of the coronavirus pandemic and is 8 million barrels per day greater than production. U.S. petroleum demand, as measured by total petroleum products supplied, was 19.4 million barrels per day in January 2021, according to the Energy Information Administration (EIA), a 4 percent increase from December and a decrease of only 2.3 percent compared with January 2020. If world demand for oil rises faster than oil companies can produce the oil, prices will go up, which is what is occurring now. b.) Domestic Supply: According to the EIA, the United States produced 3 million barrels per day of oil and natural gas liquids in January 2021, down from 17.9 million barrels per day in January 2020 before the pandemic — a 26 percent decline. More domestic oil could be produced on federal lands if the federal government permitted it and if its regulatory procedures were commensurate with state regulation that is more conducive to exploration and drilling.