Exxon and Mobil gas prices, gas taxes, impact of crude oil prices

Pricing  

Understanding what influences the price of gasoline.

One gallon, many factors

A lot goes in to how much customers pay for gasoline at the pump, but the two main factors are the price of crude oil and taxes.

The impact of crude oil prices

Crude oil is by far the largest factor in the price of a gallon of gasoline. The U.S. does not produce enough crude oil to meet our country’s demands, therefore oil companies like ExxonMobil have to purchase crude oil – at market prices – to produce gasoline and other products.

Crude oil is a globally traded commodity like gold, corn, coffee and many others. The prices of such commodities are set in worldwide markets comprised of millions of buyers and sellers reacting to economic fundamentals for each commodity.

The cost of federal and state gasoline taxes

The federal gasoline tax is 18.4 cents per gallon coast-to-coast.* Additional state and local taxes vary by region. The combination of federal, state and local taxes can add anywhere from 30 to 70 cents per gallon to your bill depending on where in the United States you happen to refuel.
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*Federal gasoline tax as of April, 2015
**Subject to credit approval. New accounts only. Account must be open and in good standing to qualify. Statement credits will be applied monthly on your billing statement with qualifying purchases. As used above, “month” refers to your monthly billing cycle, which may not coincide with a calendar month. Total annual credit not to exceed .00.

**Fuel economy improvement is based on Synergy-branded gasoline compared to gasoline meeting minimum U.S. government standards. Actual benefits will vary based on factors such as vehicle type, driving style and gasoline previously used. Exxon, Mobil and Synergy are trademarks or registered trademarks of Exxon Mobil Corporation or one of its subsidiaries.

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