the cost of crude oil accounts for 71% of what we pay for at the pumps. What about the other 29%? As shown in the image to the right, the remaining portion is found in taxes, distribution and marketing, and refining costs.
All of these numbers can vary some and the latest information is now a month old (came out in November); however, you can expect the next publication from the EIA will be in the same ball park.
Again, 71% of the $3.00+ per gallon we are currently paying is determined by crude oil costs. Understanding this is key to understanding why gas prices are so high now.
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