Prices for a Barrel of Crude Oil and a Gallon of Gasoline, 1978–2007
Though the cost of crude oil certainly influences the price of gasoline, it is not the only factor which determines the price at the pump. Processing cost, transportation cost, and taxes also play a major part of the cost of a gallon of gasoline. The average price of a barrel of crude oil (in constant 2007 dollars) doubled from 2000 to 2007, while the average price of a gallon of gasoline increased only 51% in this same time period.
| Crude oil(a) (dollars per barrel) -------------------------- |
Gasoline(b) (cents per gallon) ----------------------- |
Ratio of gasoline to crude oil |
|||
|---|---|---|---|---|---|
| Year | Current | Constant 2007(c) |
Current | Constant 2007(c) |
|
| 1978 | 12.5 | 39.6 | 65.2 | 207.3 | 219.8 |
| 1979 | 17.7 | 50.6 | 88.2 | 251.9 | 209.1 |
| 1980 | 28.1 | 70.6 | 122.1 | 307.2 | 182.7 |
| 1981 | 35.2 | 80.4 | 135.3 | 308.6 | 161.3 |
| 1982 | 31.9 | 68.5 | 128.1 | 275.2 | 168.8 |
| 1983 | 29.0 | 60.3 | 122.5 | 255.0 | 177.5 |
| 1984 | 28.6 | 57.1 | 119.8 | 239.1 | 175.7 |
| 1985 | 26.8 | 51.5 | 119.6 | 230.5 | 187.8 |
| 1986 | 14.6 | 22.7 | 93.1 | 176.1 | 268.7 |
| 1987 | 17.9 | 32.7 | 95.7 | 174.7 | 224.5 |
| 1988 | 14.7 | 25.7 | 96.3 | 168.8 | 275.7 |
| 1989 | 18.0 | 30.0 | 106.0 | 177.2 | 247.7 |
| 1990 | 22.2 | 35.2 | 121.7 | 193.1 | 230.0 |
| 1991 | 19.1 | 29.0 | 119.6 | 182.1 | 263.5 |
| 1992 | 18.4 | 27.2 | 119.0 | 175.9 | 271.2 |
| 1993 | 16.4 | 23.5 | 117.3 | 168.3 | 300.2 |
| 1994 | 15.6 | 21.8 | 117.4 | 164.2 | 316.3 |
| 1995 | 17.2 | 23.4 | 120.5 | 163.9 | 293.7 |
| 1996 | 20.7 | 27.6 | 128.8 | 170.2 | 261.2 |
| 1997 | 19.0 | 24.6 | 129.1 | 166.8 | 284.8 |
| 1998 | 12.5 | 15.9 | 111.5 | 141.8 | 374.0 |
| 1999 | 17.5 | 21.8 | 122.1 | 152.0 | 292.9 |
| 2000 | 28.3 | 34.0 | 156.3 | 188.2 | 232.3 |
| 2001 | 23.0 | 26.9 | 153.1 | 179.2 | 280.2 |
| 2002 | 24.1 | 27.8 | 144.1 | 166.1 | 251.1 |
| 2003 | 28.5 | 31.2 | 163.8 | 184.6 | 241.1 |
| 2004 | 37.0 | 40.6 | 192.3 | 211.1 | 218.4 |
| 2005 | 50.2 | 53.3 | 233.8 | 248.2 | 195.5 |
| 2006 | 60.2 | 62.0 | 263.5 | 271.0 | 183.7 |
| 2007 | 67.9 | 67.9 | 284.9 | 284.9 | 176.1 |
| Average annual percentage change | |||||
| 1978–2007 | 6.0% | 1.9% | 5.2% | 1.1% | |
| 1997–2007 | 13.6% | 10.0% | 8.2% | 5.5% | |
Sources:
Crude oil - U.S. Department of Energy, Energy Information Administration, Monthly Energy Review, March 2008, Washington, DC, Table 9.1.
Gasoline - U.S. Department of Energy, Energy Information Administration, Monthly Energy Review, March 2008, Washington, DC, Table 9.4. (Additional resources: www.eia.doe.gov)
(a) Refiner acquisition cost of composite (domestic and imported) crude oil.
(b) Average for all types. These prices were collected from a sample of service stations in 85 urban areas selected to represent all urban consumers. Urban consumers make up about 80% of the total U.S. population.
(c) Adjusted by the Consumer Price Inflation Index.
