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: Oil stockpiles that rose during the coronavirus pandemic have decreased due to output cuts by OPEC+ (OPEC and its partners) and lower production in the United States. U.S. oil production was further curtailed by more than 10 percent, 1 million barrels per day, due to the freezing weather hitting oil producing states, particularly Texas. Adding to that, OPEC+ recently agreed to continue its production cuts through the end of April with minor exceptions. A March 7 attack on a Saudi oil port had further increased global oil prices. The result is that consumers in the United States are facing gasoline prices that are inching up to near $3 a gallon on average. Consumers in California have already seen gasoline prices above $4 per gallon. Gasoline prices are composed of four main components: 1.) supply and demand for oil in a global market ( the largest component),
2.) taxes levied by federal, state and local governments,
3.)