A large percentage of worldwide supply is controlled by national oil companies from foreign countries. Allowing global politics to influence decisions about energy use could result in an alarmingly small list of “acceptable” options, drastically reducing available supply. No matter from where it comes, oil is an exchangeable product. Once it reaches the American marketplace it blends together, becoming impossible to ferret out its origins.
As of March 2008, crude oil imports, listed in order of import totals, are as follows: Canada, Saudi Arabia, Mexico, Nigeria, Venezuela, Iraq, Angola, Algeria, Kuwait, Brazil, Columbia, Russia, Congo (Brazzaville), and Chad.
The cost of raw materials (crude oil) used to produce gasoline is the largest, single component of retail gasoline prices. For example, crude oil makes up almost 75 percent of the price you pay at the pump. Taxes amount to nearly 15 percent of the price of gasoline. And refining costs account for approximately 7 percent of the retail price, with retailing coming in at less than 4 percent. The price you pay reflects these costs as well as the profits and losses of refiners, marketers, distributors and retail store owners.
The 2008 statistics, an average weighing of all grades pooled in all state and D.C. of averages on the previous information are as follows: 74.96% crude oil, 14.71% taxes, 6.75% refining, 3.59% retailing. Crude oil price is near month NYMEX. Tax includes all federal, state and local sales and excise taxes. Refiner margin equals average wholesale gasoline price minus crude oil cost. Retailer margin equals retail price minus wholesale price and taxes. Margins are not profit margins and do not include processing costs (refiners) or rent (retail) or other costs of doing business.
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