How do you get to $2.89 per gallon?

Via Mark Byron, this chart from the Washington Post shows us the component parts of gasoline prices. By far the largest component is the price of crude oil, 54.8 percent of at-the-pump prices, which hit $70 a barrel this week and should continue to rise throughout the summer. The second largest component (21.7 percent) is refining costs, which are still higher than average due to reduced capacity from Hurricane Katrina. The third largest component of gas prices is taxes at 18.9 percent.

What this means is don’t take your frustrations out on that immigrant behind the counter. He’s getting a raw deal just like the rest of us. Distribution, marketing, and storage are a measly 4.5 percent of gas prices.

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