What am I paying for in the price of a gallon of gasoline? | ExxonMobil's Perspectives Blog
To put that in another way – about $2.62 of the average gallon of gas in this example is set before a refiner even touches the raw material.
Where I find many people get confused is that they assume oil companies are producing all the oil that goes into their own refineries – and therefore can control gas prices by controlling the supply chain. That’s not the case.
That link was based on gas prices in Dec. 2011. It's pretty interesting to see who has control over what goes into the price.
Gheit says that 75 percent of what Americans pay for gasoline comes from the costs of crude oil. For gas to get down to $2.50 per gallon, he said, the price of a barrel of crude oil would have to get down to around $50.
The current price of crude?
$126 per barrel.
"Only a depression would bring oil prices down that much," said Gheit.
Could Gingrich really lower gas to $2.50 per gallon? - Political Hotsheet - CBS News