What pumps up prices

By Helen Huntley, Times Staff Writer
Published March 13, 2008

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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