4) 14% – Distribution and marketing
Filling stations make 5-7 cents/gallon
Make money on food

3) 14% – Refineries
Fairly Stable
No large scale refineries built since 1977

2) 16% – Federal and State Taxs and fees
Federal gas tax no raise since 1993
18.4 cents/gallon
Germany – $2.80 per gallon

1) 56% – Global price of oil
Import about 1/2 the oil we use – 9 million barrels per day, 42 gallons per barrel
378 million gallons per day
OPEC – formed in 1960
World Oil Reserves: OPEC – 1189 billion barrels, Non-OPEC 308.18 billion barrels
Russia added to OPEC in 2019, now called OPEC+
Price determined by Supply and Demand
1973 OPEC stopped export of oil to US- GAS LINES
US oil companies received a $10 billion bailout in 2020