Fueling a Crisis: Here’s What’s Driving High Gas Prices — And Why They’re Not Going Away

Record-high gas prices are the biggest cause of red-hot inflation heading into the high-demand summer months — and the factors behind the wallet-busting costs show no signs of easing up.

Crude oil prices, which have spiked beyond $100 a barrel, now account for 60% of the price of a gallon of regular unleaded gasoline, according to April data from the federal Energy Information Administration.

The cost of crude shot up amid both increasing demand as the COVID-19 pandemic wanes and the global supply chain disruption caused by the Russian invasion of Ukraine and subsequent Western-imposed sanctions.

Just a year ago, crude oil prices accounted for 52% of the cost of a gallon of gas – and only 25% of the cost during the COVID lockdowns of April 2020, the New York Times reported.

Refining costs account for another 17% of the price per gallon as of this April, while 12% of the cost went toward taxes and 11% toward distribution and marketing, EIA data showed. (Read more from “Fueling a Crisis: Here’s What’s Driving High Gas Prices — And Why They’re Not Going Away” HERE)

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