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What pumps up prices
By Helen Huntley, Times Staff Writer
Published March 13, 2008
Skyrocketing crude oil prices are the main reason prices at the pump are breaking records. Four years ago crude oil accounted for 47 percent of the price of a gallon of gas. In January it was up to 68 percent, the most recent figure available, and today's number likely would be higher. A barrel of crude produces about 42 gallons of gas, so a $1 increase in the price of crude becomes a 2.38-cent increase for a gallon of gas. A few years ago it took several weeks for a crude oil price increase to work its way down to the pump. Now it happens within a day or two. "The minute oil companies see a change in crude oil, they immediately post a price increase at wholesale," said Jim Smith, president of the Florida Petroleum Marketers. But prices at the pump reflect more than just the price of crude. Here's a breakdown: Records set Wednesday Crude oil: $109.92 Regular-grade gas in Tampa Bay area: $3.243 Diesel in Tampa Bay area: $3.859
[Last modified March 12, 2008, 23:54:06]
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