Crude Oil Affects Gasoline Prices
Source: Energy Information Administration
- This graph illustrates how crude oil explains much of the large movements in gasoline prices that we have seen over time -- such as during the Gulf War at the end of 1990, and fall in prices from early 1997 followed by the rise starting in 1999.
- The dark green area is influenced by the gasoline market apart from the global crude oil market, which will be discussed later.
- This graph shows that since December 1998, crude price increases explain about 35 cents of the 45 cent gasoline price increase between then and March 2001.