Crude oil and taxes are the primary drivers of the price of fuel. America’s refiners manufacture safe, reliable, and clean transportation fuels that literally keep our nation moving and sustain our economy. According to the U.S. Energy Information Administration’s (USEIA’s)* latest data, average May gasoline and diesel prices were $2.39 and $2.56, respectively.
Refining is a complex and sophisticated manufacturing process. It requires significant human and capital investments, and must meet increasingly expensive environmental compliance processes required by federal and state governments. As regulators change the energy, carbon, and chemical content of transportation fuels (e.g., Tier 3 gasoline, RFS, LCFS), fuels manufacturing and distribution processes inevitably becomes more complex (e.g., California’s low carbon fuel standard or E15) and costly to consumers.
The figures above reflect latest available data from the US Government via the EIA. Their charts typically lag present day conditions by about two months.
*The USEIA is the US Department of Energy’s experts on statistics and analysis. www.eia.gov